Harp and Harp II Program
Are you making your mortgage payments on time but are still unable to refinance and take advantage of today's low mortgage rates? Try HARP!
What is it?
HARP is a government program originally rolled out in 2009 to specifically help homeowners who owe more than their homes are worth. The program has recently been enhanced to allow more eligible homeowners to qualify for home refinancing in order to:
The key component of the new program is the increase in the loan-to-value (LTV) ratio cap, which allows borrowers who are underwater on their mortgage (owe more than their home is worth) to apply for a 30-year fixed rate loan and take advantage of the current low interest rates.
- Reduce their monthly mortgage payments
- Reduce the interest rate on their mortgage loan
- Move into a more stable loan product (e.g., move from an adjustable rate to a fixed rate)
Who Is Eligible?
Eligibility criteria vary somewhat depending on the loan the homeowner wishes to qualify for, but the basic requirements are as follows:
- You must have a mortgage that is owned or guaranteed by either Fannie Mae or Freddie Mac.
- The loan must have been sold to either of those agencies on or before May 31, 2009.
- The current loan-to-value ratio on the mortgage must be greater than 80%.
- Borrowers cannot have missed any mortgage payments in the past 6 months and cannot have had more than 1 missed payment in the past 12 months.
- The original loan to value ratio must have been greater than 80% (i.e. the borrower must have paid private mortgage insurance).
How can I find out if my loan has been sold to Fannie Mae or Freddie Mac?
Check Online: by visiting: Fannie Mae or Freddie Mac
Check by Phone: (8:00 AM to 8:00 PM ET)
Fannie Mae: 1-800-7FANNIE
Freddie Mac: 1-800-FREDDIE
YES, my mortgage is owned by Fannie Mae or Freddie Mac, now what?
Once you have confirmed that your mortgage is owned by one of these agencies,
APPLY ONLINE and start a HARP Refinance Application. A mortgage specialist will be contacting you for a further review of your unique situation.