More than 367,600 U.S. homeowners could still save, on average, $2,400 per year through the Home Affordable Refinance Program, or HARP. The Federal Housing Finance Agency has launched a social media campaign using the hashtag #HARPNow to get the word out that HARP expires on December 31, 2016 and time is running out to take advantage of the program.
While more than 3.3 million U.S. homeowners have already refinanced their homes through HARP, FHFA estimates that 13,798 additional borrowers in New Jersey could save an average $2,783 per year, with a HARP refinance. This is real savings to families.
HARP was created by FHFA and the U.S. Department of the Treasury during the financial crisis to help homeowners with little to no equity refinance into a more stable and affordable mortgage. HARP was designed for borrowers who have remained current on their mortgage payments.
Throughout 2016, FHFA will continue to get the word out about HARP and will hold webinars for states with the highest numbers of remaining HARP-eligible borrowers.
Homeowners can also get more information about how to apply for HARP at, www.HARP.gov, or view an updated, interactive map of HARP-eligible borrowers by state, metropolitan statistical area, county and zip code.
The FHFA also has a library of promotional materials for use, including: