HARP Refinancing

Do I Qualify for the HARP Program

A HARP refinance is designed to help underwater homeowners refinance at a lower rate, even if they owe more on the mortgage than the house is worth. The HARP loan requirements are as follows:
It’s meant to give homeowners who are current on their mortgages, but have lost home equity, a chance to refinance at today’s low mortgage rates. This program benefits you if your mortgage payments are current, but you cannot refinance due to a decrease in your home value. It is not designed to delay or stop foreclosures.

  Your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.

Though your mortgage may be through another company, it is likely that the actual loan backer is Freddie Mac or Fannie Mae.

  Your mortgage must have been acquired by Freddie Mac or Fannie Mae on or before May 31, 2009.

  You cannot have a previous HARP refinance of the mortgage.

  You must be current on your mortgage payments, with no 30-day late payments in the last six months and no more than one late payment in the last twelve.

  The current loan-to-value ratio (LTV) of your home must not be greater than 200%.

  You must benefit from the loan by either lower monthly payments or movement to a more stable product (such as switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage).

HARP can be used for your primary residence, or it can be used to refinance:

  A second or vacation home

  An investment or rental property

  A former residence that is now rented out

Even if you are really far underwater on your mortgage, you can still be eligible for HARP.