The next stop on the Federal Housing Finance Agency’s tour across the nation to reach homeowners who could benefit from the Home Affordable Refinance Program will be in Essex County College in Newark, New Jersey on March 4.
FHFA Director Mel Watt started the nationwide public campaign back in July 2014 to capture the remaining eligible homeowners who would benefit financially from HARP. There are more than 652,000 borrowers still eligible, with more than 20,000 in New Jersey alone.
"We are working with community leaders and other trusted sources to get the word out that more than 20,000 New Jersey homeowners could save, on average, more than $220 per month refinancing through HARP," said Watt. "HARP expires in December of 2015, so the time to take advantage of the program is now. We will also be providing information about other forms of assistance available to homeowners in distress."
To be eligible for HARP, homeowners must meet the following criteria:
- Their loan must be owned or guaranteed by Fannie Mae or Freddie Mac.
- Their mortgage must have been originated on or before May 31, 2009.
- Their current loan-to-value ratio must be greater than 80 percent.
- They must be current on their mortgage payments with no late payments in the last six months and no more than one late payment in the last 12 months.