HARP Loans

If you are current and up-to-date on your existing mortgage, but have been unable to qualify for traditional refinancing because your home value has decreased, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). Introduced by the federal government, this program is designed to help homeowners who have little to no equity obtain a new, stable, and more affordable mortgage.

What are the benefits of a HARP loan?

Refinancing with a HARP loan can mean significant savings by:

  • Lowering your monthly payment
  • Reducing your interest rate
  • Building equity faster
  • Shortening your loan term

Why Choose the HARP Program?

The HARP Program has these advantages:

  • Home appraisal may not be required
  • Ability to change from an adjustable to fixed-rate mortgage
  • Lenient guidelines
  • Fewer restrictions than other mortgage loan options
  • Even if you have filed for bankruptcy, you may still be eligible
  • Designed to approve more loans
  • Private Mortgage Insurance (PMI) is not required
  • Generous lending amounts
  • Will not be turned away because of low credit
  • Previously declined applications may now be eligible
  • Comparable to other refinance rates
  • Freedom to choose a new lender

Is a HARP Program Loan right for you?

To qualify for a HARP Loan, you must meet these eligibility requirements:

  • Your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac.
  • Your mortgage has been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • Your mortgage has not been refinanced with HARP previously. The exception is a Fannie Mae loan refinanced to be a HARP from March through May 2009.
  • Your current loan-to-value (LTV) ratio must be greater than 80%.
  • Your home is your primary residence, a second home, or an investment property.

Learn more about the HARP Program

For more information about the HARP Program loans or to see if you qualify, contact one of our mortgage experts today. To learn more, we have provided these websites to further assist you:

“HARP FAQ and Fact Sheet” – Federal Housing Finance Agency

“Frequently Asked Questions” – HARP.gov

“Are You Eligible?” – HARP.gov

“Loan-to-Value Calculator” – Fannie Mae

“Fannie Mae Loan Lookup” – Fannie Mae

“Freddie Mac Loan Lookup Tool” – Freddie Mac

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