April 2014 FHFA Refinance Market Update
For the underwater homeowners who are unaware of the Home Affordable Refinance Program (HARP) it may seem like a short sale or taking a loss to foreclosure may be the only way out. Negative equity followed by the millions of foreclosures has taken a toll on the U.S. economy for many years now.
The HARP Refinance Program may come off as just a refinance option for those who may not have a full understanding of the program and its benefits and unique acceptance of upside down mortgages. However, a total of 3,154,578 homeowners across the nation were able to take advantage of the program since inception.
Click HERE to see if you are an eligible candidate for a HARP Refi
Top five states noticed in this most recent refinance report with the highest HARP refis completed in the month of April are:
1) Florida
FL’s HARP Refinance LTV Distributions are:
80% – 105% = 1,072
105% – 125% = 487
Greater Than 125% = 451
Total HARP Refinances = 2,010
Difference when compared with the month of March is 175 HARP refinances less in April.
2) California
CA’s HARP Refinance LTV Distributions are:
80% – 105% = 1,094
105% – 125% = 319
Greater Than 125% = 195
Total HARP Refinances = 1,608
Difference when compared with the month of March is 64 HARP refinances less in April.
3) Michigan
MI’s HARP Refinance LTV Distributions are:
80% – 105% = 869
105% – 125% = 232
Greater Than 125% = 183
Total HARP Refinances = 1,284
Difference when compared with the month of March is 11 HARP refinances less in April.
4) Illinois
IL’s HARP Refinance LTV Distributions are:
80% – 105% = 778
105% – 125% = 236
Greater Than 125% = 221
Total HARP Refinances = 1,235
Difference when compared with the month of March is 43 HARP refinances less in April.
5) Ohio
OH’s HARP Refinance LTV Distributions are:
80% – 105% = 901
105% – 125% = 189
Greater Than 125% = 79
Total HARP Refinances = 1,169
Difference when compared with the month of March is 53 HARP refinances more in April.
A total of 19,689 HARP Refinance loans were completed in April bringing the overall refis completed since inception to 3,154,578. Among the total refinances completed across the nation, 17% were under the HARP Refinance Program and 10% were with a loan-to-value (LTV) greater than 125%.
Year to date through April 2014, HARP refinances represented 40 percent of total refinances in Georgia and 37 percent in Florida, nearly double the 20 percent of total refinances nationwide over the same period.
Click HERE to read more about the Home Affordable Refinance Program
