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Washington, D.C. – The Federal Housing Finance Agency (FHFA) today announced that it will hold its sixth outreach event to reach homeowners who could save on their monthly mortgage payments by refinancing through the Home Affordable Refinance Program (HARP). Housing experts and community leaders will join FHFA policy experts for a town hall-style meeting at the Arizona Capitol Museum in Phoenix, AZ on June 12. The event is designed to provide tools to community leaders to encourage the more than 10,000 Phoenix area residents (more than 18,000 in Arizona statewide) still eligible for HARP to take advantage of the program.
FHFA also reported that, for the first time, the total number of borrowers who have refinanced through HARP has surpassed the 3.3 million mark. FHFA's first quarter Refinance Report shows that more than 31,000 HARP refinances were completed through March of this year, bringing the total to 3,302,102 since inception of the program in 2009.
FHFA Director Melvin L. Watt recently encouraged eligible borrowers to take advantage of HARP now while interest rates are still low, but announced that HARP will be extended through December 31, 2016. For the Phoenix event, Megan Moore, special advisor to Director Watt, will moderate a panel discussion that will include representatives from the U.S. Department of the Treasury, Fannie Mae, Freddie Mac, and the Arizona Department of Housing.
"There are more than 10,000 homeowners in the Phoenix area, and even more statewide who could save, on average, more than $2,400 per year by refinancing through HARP," said Watt. "Our goal is to join forces with community leaders and other trusted sources so that borrowers who are current on their mortgage, but have little equity in their homes, know they have refinancing options and can still join the 3.3 million Americans who have saved money by refinancing through HARP."
FHFA estimates that as of December 2014, more than 600,000 borrowers nationwide would benefit financially by refinancing through HARP. These so-called "in-the-money" borrowers are eligible if they meet the basic HARP eligibility requirements:
Borrowers typically will get a financial benefit from HARP if they meet these criteria and have a remaining mortgage balance of $50,000 or more, a remaining term of greater than 10 years, and an interest rate at least 1.5 percent higher than current market rates.
Nationwide, these borrowers could save, on average, $200 or more per month on their mortgage payments, or $2,400 per year. See the U.S. map showing the number of HARP-eligible borrowers by Metropolitan Statistical Area, county and zip code.
FHFA and the U.S. Treasury introduced HARP in early 2009 as part of the Making Home Affordable program. HARP allows borrowers with little or no equity in their home to take advantage of low interest rates and other refinancing benefits.
FHFA launched a nationwide public awareness campaign and the website HARP.gov and HARP.gov/espanol in 2013 to reach eligible borrowers. In 2014, FHFA began a series of outreach events in the cities with the highest numbers of eligible borrowers. Events have been held in Chicago, Atlanta, Detroit, Miami, and Newark. FHFA also recently launched a Twitter campaign to raise awareness about the savings available through HARP to more than 600,000 homeowners nationwide. Follow @FHFA and #HARPFacts on Twitter for more information.
Link to Refinance Report
Link to HARP.gov
Media: Stefanie Johnson (202) 649-3030 / Corinne Russell (202) 649-3032 Consumers: Consumer Communications or (202) 649-3811
© 2019 Federal Housing Finance Agency