Home Affordable Refinance Program (HARP)
If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home had declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.
You may be eligible for HARP if you meet all of the following criteria:
- The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae
- The mortgage must have been sold to Fannie Mae or Freddie Mac before May 31, 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 current loan-to-value (LTV) ratio must be greater than 80%
- The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months