Purpose and Eligibility Details of HARP Refinancing

Arie Abekasis, founding owner of the Diditan Group, also leverages a career-long familiarity with real estate finance to lead Diditan Financial. There, Arie Abekasis oversees the structuring of financial products that help clients afford their homes.

For many homeowners, loan modification and refinance can mean the difference between staying in their homes and going into foreclosure. Understanding this, the Federal Housing Finance Agency has partnered with Freddie Mac and Fannie Mae to structure the Home Affordable Refinance Program. Known colloquially as HARP, this program enables affordable refinancing of Freddie Mac and Fannie Mae products.

This program is available to those homeowners with mortgages that Freddie Mac or Fannie Mae have owned since May 31, 2009, or earlier. Borrowers must be current on all payments and have made on-time payments in the 12 months leading up to refinance. The mortgage must also have a loan-to-value ratio of more than 80 percent and must not have received a HARP refinance save during a particular exemption period in 2009.

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