HARP Program

The Federal Housing Finance Agency (FHFA) and the Department of Treasury introduced the Home Affordable Refinance Program (HARP) in 2009 as part of the Making Home Affordable Program. It’s designed to help existing homeowners, who are behind on mortgage payments, get a more affordable and stable mortgage. You’re refinanced into a new mortgage with better terms. There have been several changes to HARP since its introduction, including less documentation. But the most impactful change to date is the removal of the “underwater” (owe more on their mortgage than their home is worth) limit. This change allows many homeowners, who were once not eligible, to now qualify.

This loan may be for you if

  • Your mortgage balance is greater than your home's current value.
  • You're not behind on your mortgage payments, but have been unable to get traditional refinancing because the value of your home has declined.
  • You have little to no equity in your home, but want to take advantage of lower interest rates.


  • 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.
  • New appraisals may not be needed to qualify.

What you need to know

To really make the most of a HARP refinance, your remaining balance should be greater than $50,000; your remaining term greater than 10 years; and your current interest should be 150 basis points (1.5%) above the market rate.

If this sounds like something you’re interested in, get started today. The program deadline is December 31, 2018. When you’re ready to apply, make sure you have the following info available:

  • Mortgage statements
  • Pay stubs
  • Tax returns
  • Credit card account balances & minimum payments
  • All other debt balances & minimum payments

Keep in mind the HARP program is very specific and may not be the best fit for you. Our salary-based mortgage consultants will let you know if there’s a better option for lower rates and terms.

If you’re having doubts about your current loan or struggling to make your mortgage payments, we can help find a solution to get you back on your feet. Think of us as your mortgage loan partner, a friend, and a company that you can trust. Give us a call today, (800) 910-4055.

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