Illinois REALTORS® should prepare to answer more consumer questions about mortgage refinancing through the Home Affordable Refinance Program (HARP) before it expires Dec. 31.
The Federal Housing Finance Administration (FHFA) today launched a social media campaign, named #HARPNow. It will use Twitter, LinkedIn and YouTube to engage and inform borrowers eligible for HARP, as well as professionals involved with the home buying process.
Illinois is the state with the second largest number of borrowers eligible for HARP, according to the FHFA blog. Florida has the most (51,100), followed by Illinois (32,169), Michigan (28,825), Ohio (27,299) and Georgia (23,658).
FHFA says that more than 367,600 U.S. homeowners could save up to $2,400 per year – or as much as $200 a month – through HARP. More than 3 million homeowners with little or no equity in their homes have used HARP to get more stable and affordable mortgages. HARP was created by the FHFA and the U.S. Department of Treasury.
Throughout the year, FHFA will hold webinars for states with the highest numbers of remaining HARP-eligible borrowers.