Home Affordable Refinance Program (HARP)

The Home Affordable Refinance Program (HARP) is a federal government program that enables qualified homeowners with government-backed mortgages to refinance at today’s record low rates.

Introduced in 2009, the program was designed to help homeowners who owed more than their home was worth to refinance into a new affordable, more stable mortgage. The federal government broadened refinancing guidelines in November 2011 in order to make more homeowners eligible. Even those who did not qualify in the past might be eligible with today’s HARP:

HARP restrictions loosened

  • The “ceiling” requirement that homeowners owe no more than 125 percent of their home’s worth was eliminated
  • Some fees were eliminated
  • The deadline for refinancing was moved to December 31, 2015

An overview of homeowner requirements

  • Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac
  • You do not have an FHA, VA or USDA loan
  • The current loan-to-value ratio on your mortgage must be greater than 80 percent
  • No missed mortgage payments in the past six months
  • No more than one missed mortgage payment in the past 12 months

Find out if you’re eligible

If have been unable to refinance because the value of your home has declined, you may be eligible to refinance through HARP. Don’t miss this once in a lifetime opportunity!

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