The Home Affordable Refinance Program (HARP) is a program offered through Making Home Affordable. If 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 may be eligible to refinance through this program. 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.

Eligibility requirements for HARP:

  • Your mortgage must a first lien owned or guaranteed by Fannie Mae or Freddie Mac
  • Your mortgage must have been sold to Fannie or Freddie on or before May 31, 2009
  • Your mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May 2009
  • Your current loan to value (LTV) must be greater than 80%
  • You must be current on your mortgage, with no late payments in the last 12 months

It should be noted that not all mortgage servicers (the companies that collect mortgage payments) participate in HARP. You should contact your servicer to find out if they participate.

The program is slated to end December 31, 2013

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