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Washington, D.C. – The Federal Housing Finance Agency (FHFA) today reported that the number of loans refinanced through the Home Affordable Refinance Program (HARP) through the fourth quarter totaled
3,380,558 since the inception of the program in 2009. FHFA’s fourth quarter Refinance Report shows that 21,079 HARP refinances were completed between September and December.
FHFA estimates that as of third quarter 2015, more than
367,600 borrowers nationwide still have a financial incentive to refinance through HARP before the program expires in December 2016. FHFA is starting a social media campaign, #HARPNow, focusing outreach efforts on the top 10 states with the highest numbers of “in-the-money” borrowers that remain eligible for a HARP refinance: Florida, Illinois, Michigan, Ohio, Georgia, California, Pennsylvania, New Jersey, New York and Maryland.
Borrowers are considered “in-the-money” if they meet the basic HARP eligibility requirements, have a remaining mortgage balance of $50,000 or more, have 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, as much as $200 per month on their mortgage payments, or $2,400 per year. See the new, updated
U.S. map showing the number of HARP-eligible borrowers by Metropolitan Statistical Area, county and zip code.
Also in the fourth quarter Refinance Report:
Link to Refinance Report
Link to HARP.gov
Media: Corinne Russell (202) 649-3032 / Stefanie Johnson (202) 649-3030Consumers: Consumer Communications or (202) 649-3811
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