June 25, 2014

FHFA plans town-hall events for HARP outreach

June 27, 2014 – The Federal Housing Finance Agency says it will expand its outreach and efforts to publicize the Home Affordable Refinance Program by using town hall-style events around the country.

FHFA Director Mel Watt will speak at the first meeting in Chicago on July 8, aimed at encouraging the estimated 36,000 Chicagoans eligible for the program to participate, which could save them as much as $2,000-to-3,000 a year.

Eligible mortgage borrowers have a remaining balance of $50,000, a remaining term of more than 10 years and a mortgage interest rate at least 1.5 percent higher than current market rates. The borrowers also must have loans owned or guaranteed by government-sponsored agencies Fannie Mae or Freddie Mac, mortgages originated on or before May 31, 2009, a loan-to-value ratio greater than 80 percent, and be current on mortgage payments.

FHFA introduced an interactive online map showing the estimated number of what it calls "in-the-money" eligible HARP borrowers in each zip code.