The government’s refinance program has been extended. Nearly 200,000 loans have already been refinanced through the initiative.
The extension for the Home Affordable Refinance Program was announced today by the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac.
HARP was unveiled in March 2009, implemented following month and originally set to run until this summer. It allows refinances above 80 percent loan-to-value without mortgage insurance in some circumstances.
Now the program, which is targeted at borrowers who can’t refinance because of declining home values, has been extended to June 30, 2011, the FHFA said.
“FHFA has reviewed the current market situation and the state of mortgage insurance availability and has determined that the market conditions that necessitated the actions taken last year have not materially changed,” FHFA Acting Director Ed DeMarco said in the statement.
Last year, Fannie and Freddie purchased or guaranteed 190,180 HARP refinances with LTVs from 80 percent to 125 percent, today’s statement said.
In its own statement, Fannie said more than 329,000 loans have been delivered through its Refi Plus program.
