GSEs Refinance Nearly 107K Loans Under HARP in April

GSEs Refinance Nearly 107K Loans Under HARP in April

07/08/2013 BY: ESTHER CHO

In April alone, nearly 107,000 loans were refinanced through the Home Affordable Refinance Program (HARP), up from 99,000 in March, according to data from the Federal Housing Finance Agency (FHFA).

April’s figure raises the total since the program’s 2009 inception to 2.56 million.

Out of all the loans the GSEs refinanced in April, 23 percent were through HARP, FHFA reported.

Over the years, HARP has provided refinancing for second homeowners and investors. Out of the 2.56 million loans refinanced under HARP, 82,000 were for second homes, while 272,500 were for investment properties.

The program also continued to help a large share of underwater borrowers.

From January to April, 44 percent of GSE borrowers who refinanced under the program had loan-to-value ratios greater than 105 percent. And, 17 percent of those underwater borrowers opted for shorter 15- and 20-year mortgages, which will help them to build equity faster compared to 30-year mortgages.

In certain states, underwater borrowers represented a significant majority of HARP refinances year-to-date.

In Nevada, 75 percent of HARP refinances were for underwater homeowners. In Arizona and Florida, the share stood at 63 percent and 67 percent, respectively, over the same time period.

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