Since its inception in April 2009, the Home Affordable Refinance Program (HARP) has refinanced 2.09 million Fannie Mae and Freddie Mac mortgages. Most significantly though was in the increase in HARP refinance activity after major revisions were implemented to the program in 2011 and the program became known as HARP 2.0. One of the significant revisions in HARP 2.0 was the removal of “the existing 125 percent cap on loan-to-value ratios.” Mortgage News Daily estimates that the number of refinances that occurred after the implementation of HARP 2.0 was about 1.04 million as of November 2012.
In Idaho, as well as other states that were hit the hardest during the housing bust, HARP refinances have been strong. Of the total percentages of refinances in Idaho, HARP refinances made up 24% since the program’s inception date. In November 2012, Idaho’s HARP refinance percentage in relation to total refinances was 38%. Additionally, of the total HARP refinances in Idaho, mortgages refinanced with loan-to-value ratios less than 105% was 35% from the time the program began and 50% in November 2012. http://bit.ly/15w0TD5