HARP Refinance Loans
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 the Home Affordable Refinance Program (HARP). 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.
You may be eligible for HARP if you meet all of the following criteria:
- The 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 HARP 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%.
- The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
If you don't know who owns your loan use this Button Below to find out.
If you don't see that your home is backed by either Fannie Mae or Freddie Mac your loan might be a FHA Loan, in that case, please refer to your original loan documentation and look for a FHA case #. This will be on the 1st page of the HUD-1 settlement statement on the right hand side. Also there are FHA specific docs in your closing package that will not be in any other loan.
