Menendez Applauds Extension of Program Helping NJ Homeowners Lower Mortgage Payments

Menendez Applauds Extension of Program Helping NJ Homeowners Lower Mortgage Payments


NEWARK, NJ – Senator Bob Menendez (D-NJ) today applauded the Federal Housing Finance Agency’s (FHFA) announcement of the extension of the Home Affordable Refinance Program (HARP) through September 30, 2017. The program, which allows homeowners with mortgages owned or guaranteed by Fannie Mae or Freddie Mac to refinance in order to take advantage of lower interest rates, was previously set to expire at the end of this year. As of August 2016, there are 14,496 HARP eligible loans in New Jersey.

“This is great news for underwater homeowners.  With interest rates still at historic lows, and too many families trapped in higher interest loans, this extension will help put money back into the pockets of middle class families and continue to strengthen our economy.  There are nearly 15,000 homeowners in New Jersey who remain eligible for HARP, and as a result of today’s announcement, they’ll have another year to refinance their mortgages and lower their monthly payments.”

The average annual savings for New Jersey homeowners who have refinanced through HARP is $2,786.

In order to qualify for HARP, borrowers must have a mortgage on a single-family home. The original mortgage must have closed on or before May 31, 2009 and be owned or guaranteed by Fannie Mae or Freddie Mae. Additionally, borrowers must be current on their mortgage payments.  Homeowners can go to HARP.gov to find out if they are eligible 

In the 113th Congress, Senator Menendez introduced legislation to streamline the HARP process, extend the length of the program, and expand borrower eligibility. 

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