What is the Home Affordable Refinance Program (HARP)? Do you owe close to or more than the value of your home and wish to refinance? If your answer is YES, then keep reading because there is help for you. However, the HARP deadline is approaching quickly. Click to speak to an Approved Harp Lender now with no obligation or cost to find out if you are eligible and to get a rate quote. *** UPDATE ! – Deadline coming this fall. Read about the replacement program HERE.

Background After the mortgage meltdown of 2008, many homeowners lost a lot of the value in their homes. In fact, millions of Americans were “under water” (when you owe more than what the home is worth). When homeowners owed close to, or more than the home is worth, it became extremely difficult to find a lender willing to help with refinancing. They did not want to take that risk in a real estate market that was unstable. So, in 2009, the HARP program was developed to help borrowers with an LTV (loan to value ratio) over 80% refinance their homes.

How Can a Harp Mortgage Help You?  Speak to a Harp Lender First, your home mortgage needs to be owned by Fannie Mae or Freddie Mac. Farther down the page we will provide you with links to find out if you are not sure. If you are eligible for a HARP refinance mortgage it can help you by:

  • Reducing your interest rate to one that is lower.
  • Lowering your monthly mortgage payment.
  • Lowering closing costs since some of those costs are not required with a HARP mortgage.
  • Possibly changing your adjustable mortgage to a fixed rate that will not change.

Harp Program Details Harp Program Deadline – This program will no longer be available after December 31, 2018. Therefore, you should try to get yourself refinanced immediately. No LTV Limits – It no longer matters how much you owe on your home. You can refinance under the HARP program even if you are way under water. No Appraisals Required – This will result in a quick smooth closing. No Underwriting – This will also result in a quick smooth closing. Less Paperwork – Lenders will not require income verification documents. All you would need to do is verify that you have at least 12 months’ of mortgage payments in reserves.

Are You Eligible? Speak to a HARP Lender You must meet ALL of the criteria below to be eligible for a HARP mortgage.

  1. You must be current on your mortgage now with no late payments over the past 6 months and only one late payment in the past 12 months.
  2. The home can be your primary residence, a rental home or a 4 unit investment property.
  3. Your loan must be owned by Fannie Mae or Freddie Mac. You can find out if your home is owned by Fannie or Freddie here.  Fannie Mae Loan Lookup Tool   –  Freddie Mac Loan Lookup Tool
  4. Your current loan must have been originated prior to June 1, 2009. The loan lookup tool referenced above can help figure that out if you are not sure.
  5. Your current loan to value ratio (LTV) must be greater than 80%. This simply means that your current loan balance must = more than 80% of today’s value of your home.

Should you refinance to a HARP mortgage program now? Many people believe that if you have an opportunity to refinance to a HARP loan now, then you should do it. Why? Because the two programs that will be replacing the HARP program in 2019 will be a lot more difficult to qualify for. Those two programs are:

Frequently Asked Questions – FAQ

Q: I tried to refinance through the HARP program when it was initially introduced but I did not qualify. Should I try again?

A: YES you should try again because the guidlines have changed and they are more lenient now.

Q: If I ower more than the home is worth, can I quaify for a HARP Refinance loan?

A: Yes, absolutely. Click to Speak to an Approved HARP LENDER now for a no obligation consultation and rate quote.

Q: If my loan was modified, can I still qualify for a HARP Refinance?

A: A loan modification will not disqualify you as long as you still meet the critera referenced above in the Are You Eligible section above.

Q: If I live in a townhome or a condo, can I get a HARP Mortgage?

A: Yes you can.

Q: Do all lenders follow the Fannie Mae and Freddie Mac HARP Guidelines?

A: Some lenders have additional requirements or guidelines over and above what Fannie and Freddie have. Click to speak with an Approved Harp Lender to find out

Q: Can I refinance the home if it is not my primary residence?

A: Yes, you can also refinance an investment property up to 4 units as well as a second home or vacation home.

Q: Do I need to go through the long process of gathering stacks of paperwork for a HARP Refinance?

A: No, a HARP program does not require as much documentation and paperwork as a traditional mortgage. We suggest speaking with an Approved Harp Lender for more details.

Q: Which states have the largest number of HARP eligible loans and borrowers? 

A: California, Florida, Georgia, Illinois, Maryland, Michigan, New Jersey, New York, Ohio and Pennsylvania.

  • HARP Lenders in California
  • HARP Lenders in Florida
  • HARP Lenders in Georgia
  • HARP Lenders in Illinois
  • HARP Lenders in Maryland
  • HARP Lenders in Michigan
  • HARP Lenders in New Jersey
  • HARP Lenders in New York
  • HARP Lenders in Ohio
  • HARP Lenders in Pennsylvania

How Homeowners can use HARP to save more money