Home Affordable Refinance Program (HARP)

If you are current on the payments on your mortgage but have not been able to take advantage of the historic low interest rates at the moment only because your home value has declined, then you might be able to refinance with the Home Affordable Refinance Program aka HARP. You might be eligible for this particular Government Sponsored Refinance Program if you can meet the criteria that follow:

harp program

  • The mortgage must be guaranteed or owned by Fannie Mae or Freddie Mac.
  • The mortgage needs to have been sold to Freddie Mac or Fannie Mae on or before May 31st, 2009.
  • The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  • The borrower needs to be current on the mortgage at the time of refinance and also with a good history of payment in the previous 12 months.
  • The current loan-to-value (LTV) ratio needs to be greater than 80%.

If your loan is currently owned by Freddie Mac, you can check your possible eligibility for HARP right here.