Helping Homeowners with HARP
For America’s underwater homeowners – particularly those who live in areas hit hardest by the housing crisis – the launch of “HARP 2.0” has been welcome news. The program was initially launched in 2009 to help struggling homeowners with mortgages owned by Freddie Mac or Fannie Mae refinance to more sustainable terms. In October 2011, the program was significantly enhanced, providing more homeowners with the opportunity to refinance at today’s historically low mortgage rates – even if they have little or no equity in their home. HARP 2.0 is already delivering strong results and in the first half of 2012, our purchase volume of HARP refinances increased 76 percent compared to the first half of 2011.
Steps to Get Started with HARP
If you are a homeowner looking to refinance through HARP, visit us at FreddieMac.com and follow these steps to get started:
One of our top priorities is ensuring that America’s families have access to reliable information about HARP. We recognize that the Internet is one of the easiest and most accessible ways to provide homeowners with important tools, resources, and user-friendly guidance regarding their mortgage, and we continue to focus on FreddieMac.com to meet their needs. Today, FreddieMac.com serves as the starting point for many borrowers interested in HARP and other mortgage relief options.
To meet strong consumer demand for the enhanced HARP 2.0 program, we recently launched new tools on our website, including the “HARP Eligibility Tool,” and improved upon our existing content and navigation.
HARP is providing substantial relief to homeowners who might otherwise be unable to refinance due to house price declines. Since its inception, more than 1.5 million homeowners have refinanced through HARP. We are pleased to see such success – and proud that FreddieMac.com is serving an important role.
The Numbers: How HARP is Helping the Nation Recover
- More than 1.5 million homeowners have refinanced through HARP since the program's inception
- Freddie Mac’s purchase volume of HARP loans increased 76% in the first half of 2012, compared to the first half of 2011
- Since 2009, our refinance efforts have helped 5.2 million American families save on average $2,500 a year in interest payments
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