Washington, DC -- Federal Housing Finance Agency Acting Director Ed DeMarco today announced the extension of the Home Affordable Refinance Program, (HARP), a refinancing program administered by Fannie Mae and Freddie Mac, to June 30, 2011. The program is a key component of the Administration’s Making Home Affordable Program announced last February. The HARP program expands access to refinancing for qualified individuals and families whose homes have lost value. The program was set to expire on June 10 of this year.

“FHFA has reviewed the current market situation and the state of mortgage insurance availability and has determined that the market conditions that necessitated the actions taken last year have not materially changed,” said DeMarco. “Accordingly, to support and promote market stability, and to encourage lenders and other mortgage market participants to fully adopt the HARP program, including the implementation of the October 2009 expansion of loan-to-value ratios (LTVs) to 125 percent, FHFA is authorizing the extension of HARP until June 30, 2011.”

 In 2009, Fannie Mae and Freddie Mac purchased or guaranteed more than 4 million refinanced mortgages. Of this total, 190,180 were HARP refinances with LTVs between 80 percent and 125 percent.

The HARP began in April 2009 and has grown over the past few months.   Homeowners can visit www.MakingHomeAffordable.gov for additionalinformation on the program, or contact us.County Properties, 23 years of brokerage experience, trust and aMember of the local BetterBusiness Bureau! We offer free counseling in real estate regarding;home values and information on options of selling vs. Foreclosure.

Ifyou have equity in your home, we will sell your home and get top dollarin this challenging market. If you do not have enough equity, and youmust sell your property as a short sale we have the expertise to do soalso and close escrow in 45-60 days or less. Learn more about mortgagerelief options and how to take advantage of our FREEREALTOR (R) /ATTORNEY CONSULTATION.

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