FHFA encouraging use of federal refinancing program

FHFA oversees mortgage giants Fannie Mae and Freddie Mac. 

More than 2.8 million homeowners have refinanced through HARP so far. 

To be eligible for a HARP refinance, homeowners must meet the following criteria: 

• The loan must be owned or guaranteed by Fannie or Freddie. 

• The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. 

• The current loan-to-value ratio must be greater than 80 percent. 

• The borrower must be current on their mortgage payments with no late payments in the past six months and no more than one late payment in the last 12 months.