Nearly 3.5 million borrowers have refinanced through the program since its inception
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More than 118,000 borrowers are still eligible for the Home Affordable Refinance Program (HARP), according to new data released by the Federal Housing Finance Agency (FHFA).
The FHFA report also revealed that HARP refinanced 6,913 loans during the third quarter. Since the inception of HARP in 2009, there has been a total of 3,477,717 HARP refinances.
FHFA said that 118,705 borrowers are still eligible to benefit financially from a HARP refinance as of June 30. Aside from meeting the basic requirements to qualify for HARP, these borrowers have mortgages with a remaining balance of $50,000 or more as well as a remaining loan term of more than 10 years. Additionally, these borrowers have mortgage interest rates that are higher than current markets rates by at least 1.5%.
Also as of June 30, more than 60% of borrowers who qualify for HARP and are financially incentivized to refinance are located in nine states and one US territory: Illinois, Florida, Michigan, Ohio, Puerto Rico, New Jersey, Georgia, Pennsylvania, Maryland, and Alabama.
Through the third quarter, 26% of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which help build equity faster than traditional 30-year mortgages.
Related stories:
Refinance volume sees quarterly decrease
HARP extended through the end of 2018
The FHFA report also revealed that HARP refinanced 6,913 loans during the third quarter. Since the inception of HARP in 2009, there has been a total of 3,477,717 HARP refinances.
FHFA said that 118,705 borrowers are still eligible to benefit financially from a HARP refinance as of June 30. Aside from meeting the basic requirements to qualify for HARP, these borrowers have mortgages with a remaining balance of $50,000 or more as well as a remaining loan term of more than 10 years. Additionally, these borrowers have mortgage interest rates that are higher than current markets rates by at least 1.5%.
Also as of June 30, more than 60% of borrowers who qualify for HARP and are financially incentivized to refinance are located in nine states and one US territory: Illinois, Florida, Michigan, Ohio, Puerto Rico, New Jersey, Georgia, Pennsylvania, Maryland, and Alabama.
Through the third quarter, 26% of HARP refinances for underwater borrowers were for shorter-term 15- and 20-year mortgages, which help build equity faster than traditional 30-year mortgages.
Related stories:
Refinance volume sees quarterly decrease
HARP extended through the end of 2018
