Freddie Mac has received the go-ahead from its regulator, the Federal Housing Finance Agency, to keep the Home Affordable Refinance Program (HARP) up and running through December 31, 2016.
"HARP has been part of the difference between keeping and losing a home for millions of borrowers since 2009. Now borrowers who face similar challenges refinancing their mortgages this year and next will have these same opportunities to succeed as long-term homeowners," said Dave Lowman, executive vice president of Single Family Business at Freddie Mac.
More than 1.3 million borrowers who otherwise would not have qualified for a traditional refinancing used HARP to make their Freddie Mac mortgage payments more affordable, more stable, or both.
Visit Understanding Your Options for more information on other opportunities for financially distressed borrowers.
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