The Home Affordable Refinance Program (HARP) is a federal program that was created by the Federal Housing Finance Agency in 2009. This program is designed to assist homeowners who are current on their mortgage payments with or without equity. The program ends September 30, 2017.
HARP may be a good option if:
You are 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 12 months.
Your home is your primary residence, 2nd home or investment property.
You have little to no equity in your home. The current loan-to-value ratio (LTV) of the property must be greater than 80%.
Your loan is owned or guaranteed by Freddie Mac or Fannie Mae.
Your loan was acquired by Freddie Mac or Fannie Mae on or before May 31, 2009.
You had not had a previous HARP refinance of the mortgage, unless it is a Fannie Mae loan that was refinanced under HARP during March-May 2009.
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Home Affordable Refinance Program® and HARP® are federally registered trademarks of the Federal Housing Finance Agency.