Home Affordable Refinance Program (HARP)

Program Overview

The Home Affordable Refinance Program (HARP) is a federal program that was established in March 2009 to help underwater and near-underwater homeowners refinance their mortgages.  HARP is designed to help you get a new, more affordable, more stable mortgage.

This program was originally intended to allow home owners with a loan-to-value (LTV) exceeding 80% to refinance without also paying for private mortgage insurance (PMI).  The program originally had a LTV cap of 105% LTV, but later that year was expanded to include LTV up to 125%.

Take for example a house that was originally purchased with 20% down with a final loan amount for $150,000.

Today the borrower still has a mortgage balance of $125,000 but the house is now only worth $100,000 due to market declines.  In this scenario, the LTV would be 125%.  The Home Affordable Refinance Program would allow this borrower to refinance without having to pay PMI.

Program Availability

Not every home owner is eligible for the Home Affordable Refinance Program, nor does every lender offer this program.  At AMEC, we work with over 40 lenders from across the country and we can work with you to help you determine if you may be eligible for HARP.

The first step is to determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac.  If you need assistance in determining whether or not your mortgage is owned by Fannie Mae or Freddie Mac contact us today at (920) 632-4902 and with some basic information about your current mortgage and we can assist you in finding this information out within a few minutes.

Fannie Mae and Freddie Mac both have a website to help homeowners quickly determine if their loan is owned by Fannie Mae or Freddie Mac.  You can find out if your home is owned by either Fannie Mae or Freddie Mac by clicking the Fannie Mae Loan Lookup and Freddie Mac Loan Lookup self-service links.

Additional Eligibility Requirements

Now that we have determined that your mortgage is currently owned by Fannie Mae or Freddie Mac, the next step is to ensure that you qualify for this great program.  To be eligible for this program you must meet these basic requirements:

  • Your 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 the Home Affordable Refinance Program 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%
  • You must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months

Have Additional Questions?

If you have additional questions about getting mortgage help, we are available 24/7 to answer any questions you have about the Home Affordable Refinance Program.  Give us a call at (920) 632-4902 today.

Research shows that homeowners who work with housing experts like those at AMEC are more successful and have better long-term outcomes.  We will help you understand your options, design a plan to suit your individual situation and prepare your application.


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