Home Affordable Refinance Program (HARP) Info
If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply.
Eligibility*
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You may be eligible to apply if you meet all of the following:
- You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
- You do not have an FHA, VA or USDA loan.
- You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
- You owe more than the home is worth, but your mortgage does not exceed 125 percent of the current market value of your home.
- The refinance will improve the long-term affordability or stability of your mortgage.
- You have the ability to make the new payments.
Program Availability
All servicers (the companies to which homeowners make their mortgage payments) of mortgages owned or guaranteed by Fannie Mae and Freddie Mac must consider eligible homeowners for a HARP refinance.
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Steps to HARP Refinance
- Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac by visiting their respective Loan Lookup tools.
- Contact your current mortgage servicer or another that is approved by Fannie Mae or Freddie Mac to inquire about HARP.
- Compare rates and costs with additional mortgage companies to ensure best refinance terms.
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