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HARP Refinances: A Quarter Have Loan-to-Values of 125% or More

ecreditdaily.comApril 10, 2013

There were nearly 470,000 refinances in January, with about 97,600 – or 21 percent – completed through the Home Affordable Refinance Program (HARP), according to the regulator over Fannie Mae and Freddie Mac.

Fannie and Freddie have brought their total HARP refinances to more than 2.2 million since the program’s inception in April 2009, the Federal Finance Housing Agency said Tuesday.  Fannie and Freddie own or back more than 60 percent of U.S. mortgages.

Although HARP is four-years-old, the effort didn’t really take off until last year when eligibility was broadened for deeply underwater borrowers. Loan-to-value caps were removed as part of HARP 2.0.

Borrowers in January with loan-to-value ratios greater than 105 percent accounted for 47 percent of the volume of HARP loans.

The number of completed HARP refinances with homeowners deep in negative equity continue at a good pace. In January 2013, 25 percent of the loans refinanced through HARP were at a loan-to-value ratio greater than 125 percent.

HARP accounts for a significant portion of total refinance volume in certain states.

In January 2013, HARP refinances amounted to 66 percent of total refinances in Nevada, more than triple the 21 percent of total refinances nationwide.

HARP refinances also represented 56 percent of total refinances in Florida in January.

HARP is scheduled to expire on December 31, 2013.

Here are the basic HARP eligibility criteria:

  • Loan must be owned or guaranteed by Fannie Mae or Freddie Mac.
  • Loan must have been delivered to the Enterprises on or before May 31, 2009.
  • Current loan-to-value ratio — LTV — (outstanding mortgage balance/home value) must be greater than 80 percent. There is no LTV ceiling.
  • Borrower must be current on their mortgage payments at the time of the refinance.
  • Payment history – borrower is allowed one late payment in the past 12 months, as long as it did not occur in the 6 months prior to the refinance.


Back to April 2013 Archive

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