About Government Refinance and Home Purchase Programs

Information and Updates on Government Mortgage Programs
Filed under Government Mortgage Financing Programs News

President Obama’s Home Affordable Refinance Program (HARP) has been extended for another year. The announcement came out earlier today. Here is an excerpt from the Washington Post article on the topic:

The Home Affordable Refinance Program was set to expire in June, but so far it has reached fewer than 200,000 of the up to 5 million borrowers federal regulators hoped it would help.

Market conditions have not changed significantly since the program was launched last year, Edward DeMarco, acting director of the Federal Housing Finance Agency, said in a statement. So to give lenders more time to implement the plan and to “support and promote market stability,” the initiative will be extended to June 2011, he said.

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