Statement on Streamlined Refinance Option for High Loan-to-Value Borrowers from Andrew Bon Salle
We are pleased to move forward with a new streamlined refinance option scheduled for October 2017. Aimed at borrowers with high loan-to-value (LTV) ratios, the new option builds on the successes of the Home Affordable Refinance Program (HARP) and will provide sustainable refinance opportunities to borrowers with existing Fannie Mae mortgages who are making their mortgage payments on time. At the direction of the Federal Housing Finance Agency (FHFA), Fannie Mae will continue to offer HARP through September 30, 2017 to ensure that eligible borrowers can take advantage of the existing HARP program. We look forward to working with FHFA and Freddie Mac to provide needed liquidity so eligible homeowners can take advantage of low interest rates and refinance into more affordable mortgages.Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of Americans. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit fanniemae.com and follow us on twitter.com/FannieMae.