FHFA encouraging use of federal refinancing program

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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.