The federal government’s Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP) as well as the  Home Affordable Foreclosure Alternative program (HAFA) were originally due to expire on December 31st 2015. The Federal Housing Finance Agency (FHFA) announced that the popular mortgage refinancing, modification, and foreclosure alternative programs will be extended through the end of 2016.

Per the program revisions homeowners now have until December 31st 2016 to take action and apply for any of these government-backed programs.

Since 2009 when the Making Home Affordable Programs (MHA ) were introduced these programs have been extremely popular with homeowners who are trying to reduce their mortgage costs and stay in their home or sell to avoid foreclosure.

The Making Home Affordable Programs will expire on December 31st 2016.

Home Affordable Refinance Program (HARP)

The Home Affordable Refinance Program, or HARP, was introduced in 2009.

Through this program, homeowners who may not otherwise qualify for a refinance due to equity loss can refinance their homes and potentially secure a lower interest rate. Borrowers can also use HARP to refinance from an adjustable-rate mortgage (ARM) loan to a more secure and predictable fixed-rate loan.

There are other refinancing programs available for homeowners in 2015 and 2016. HARP is unique, According to FHFA  HARP is currently the only program that offers refinance loans to homeowners with no equity. Upside down Borrowers are often able to refinance through HARP. Traditional refinancing programs are generally not available to borrowers with no equity.

HARP is limited to borrowers whose existing mortgage was sold to Freddie Mac or Fannie Mae on or before May 31, 2009.

Borrowers looking to apply for a HARP refinance loan need to be current on their mortgage payments. Borrowers must not have any late payments within the last 6 months from the time of the application, and no more than one late payment within the last 12 months.

The HARP program expiration date has been extended several times in the past, HARP was originally scheduled to expire in December 2015, the deadline has been pushed back until December 2016.

The Making Home Affordable Programs will expire on December 31st 2016.

Home Affordable Modification Program (HAMP)

The Home Affordable Modification Program (HAMP), is a key part of the federal government’s “Making Home Affordable” initiative.

HAMP is designed to help homeowners who are at risk of  potentially losing their properties to foreclosure, by giving them a more affordable and sustainable monthly payment on their loan. The program is open to homeowners who have already defaulted on their monthly mortgage payment, and also to those borrowers who are in danger of defaulting in the future.

To be eligible for HAMP in 2015 or 2016, the borrowers existing mortgage loan must have been originated on or before January 1, 2009.

The deadline for HAMP was also extended until December 2016.


The Making Home Affordable Programs will expire on December 31st 2016.


Home Affordable Foreclosure Alternative Program (HAFA)

The Home Affordable Foreclosure Alternative Program, or HAFA, was launched in 2009. It is one of the main programs that make up the Obama Administration’s “Making Home Affordable” program and this program paved the way as well as influenced a lot of the guidelines for traditional non government backed Short Sale Programs

Effective February 1, 2015 the Making Home Affordable (MHA) Program has increased the HAFA relocation incentive for qualifying sellers to $10,000.

The updated program guidelines state that a borrower, tenant, or other non borrower occupant who live in the home as their primary residence and must relocate as part of the HAFA short Sale may be eligible to receive a relocation incentive of $10,000.

Like HARP , and HAMP the deadline for HAFA was also extended until December 31st 2016.


The Making Home Affordable Programs will expire on December 31st 2016.


Your Name (required)

Your Email (required)

Your Phone Number

Your Message

Making Home Affordable Programs will expire December 31st 2016. by