HARP

Refinance even if your homes’ value is underwater.

If you’ve been unable to refinance your home loan because your home value has dropped, you may be able to take advantage of today’s lower interest rates through the Home Affordable Refinance Program (HARP).
The goal of the refinance effort, as announced by the President, is “to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices.” HARP 3.0 refinancing can help put responsible borrowers in a better position by reducing their monthly principal and interest payments. HARP 3.0 assists borrowers who have demonstrated an acceptable payment history on their existing Fannie Mae or Freddie Mac mortgage.

Am I eligible?

You may be eligible to refinance under HARP 3.0 if you meet all of the following requirements:

  • Mortgage was sold to Fannie Mae or Freddie Mac on or before May 31, 2009
  • Must be current on the mortgage with no late payments in the past 12 months
  • Current Loan to Value is greater than 80%
If you don’t know who currently funds your loan, look it up here:
team-12Freddie MacFannie Mae

 

What is the HARP 3.0 expiration date?

HARP 3.0 is expected to expire on December 31, 2015.