HARP has been on fire through this record hot summer.  According to the Federal Housing Finance Agency (FHFA), HARP Refinances Continue Surge in First Half of 2012; One in Three Refinances Were Through HARP in June.

The June Refinance Report which was release by the FHFA on August 7, shows that 1/3 of every refinance through Fannie Mae and Freddie Mac were made through the HARP Mortgage program.

This is the highest number of refinances since the program’s inception in April 2009.  Thanks to record low interest rates on 30 year money and 20 year money coupled with millions of underwater homeowners, the HARP 2 program is proving to be quite a life-saver.  The beauty of the HARP 2 program is that is has removed the 125% LTV cap that was in the previous version in HARP 1.  Homeowners who were tentative to refinance through HARP 1 because of the LTV cap, now can refinance as the Unlimited LTV program has truly been a blessing.


Also in the report that can be viewed here: http://bit.ly/RmfNVs

  • Through June 2012, Fannie Mae and Freddie Mac refinanced 422,969 loans through HARP, more than all HARP refinances – 400,024 – last year.
  • HARP refinances for loans with LTV greater than 125 percent surged in June to more than 40 percent of HARP volume as lenders began to sell Fannie Mae and Freddie Mac securities containing these loans June 1.
  • More than two-thirds of borrowers in states hard-hit by the housing downturn – Nevada, Arizona and Florida – refinanced through HARP in June, compared with 33 percent nationwide.
  • In Nevada, Arizona and Florida, underwater borrowers (with LTV greater than 105 percent) represented more than 80 percent of HARP volume in June.
  • Since 2009, Fannie Mae and Freddie Mac refinanced more than 2.2 million loans through their existing programs and more than 1.4 million loans through HARP.