The Federal Housing Finance Agency’s (FHFA) press release this week indicated that as of the 3rd quarter 2014, 3.2 million Fannie Mae and Freddie Mac mortgages have refinanced through the Home Affordable Refinance Program (HARP) since its inception in 2009. Even with the large number of borrowers who have already benefited from the program, the FHFA estimated an additional 722,541 mortgages may still be eligible for a HARP refinance.
Using 2nd quarter 2014 data in an interactive map, the FHFA illustrated the number of potentially eligible HARP loans across the US on a state, county and zip code level. The map showed that Idaho (4,064 loans), Montana (324 loans), Washington (12,695 loans), and Wyoming (339 loans) all had borrowers who may be eligible to refinance through HARP. In order to qualify for a HARP refinance, borrowers must meet the basic qualifications, including having a “remaining balance of $50,000 or more on their mortgage, have a remaining term on their mortgage of greater than 10 years, and their mortgage interest rate is at least 1.5 percent higher than current market rates.”
To read the full press release and learn more about HARP, visit http://1.usa.gov/1z2lRGV.