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HARP Programs

Refinance With HARP

The Home Affordable Refinance Program (HARP) provides homeowners with underwater mortgages the opportunity to refinance. HARP was created to help homeowners achieve a more affordable and stable mortgage.

Benefits:
HARP Benefits

  • Up to 175% LTV / CLTV* for primary residences
  • Property Inspection Waivers (PIWs) are acceptable
  • No DTI restrictions

HARP Requirements As per the making homes affordable website:

  • 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 on or 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.
  • The mortgage must have been sold to Fannie Mae or Freddie Mac on or 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.

Making Homes Affordable

Steps to HARP Refinance

1. Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac by visiting their respective Loan Lookup Tools.

2. Contact your current mortgage servicer or another that is approved by Fannie Mae or Freddie Mac to inquire about HARP.

3. Compare rates and costs with additional mortgage companies to ensure best refinance terms.

Making Homes Affordable, http://www.makinghomeaffordable.gov