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What is HARP?

HARP is unique—it’s the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. There have been several changes to HARP, but the primary enhancement removed the limit on the amount that homeowners could be “underwater” (owe more on their mortgage than their home is worth). With that change, many homeowners who were not eligible will now qualify. Program ends December 31, 2015.

HARP may be an option if:

You have had a good payment history for the past 12 months. That means having no late payments in the last 6 months and no more than one 30-day late payment from 6 to 12 months ago.
Your home is your primary residence, 2nd home or investment property.
Your home value has decreased.
You have limited equity or your first mortgage exceeds the current market value of the home (i.e., your loan-to-value ratio must be > 80% to be eligible).
Your loan is owned or guaranteed by Fannie Mae or Freddie Mac. Check the Fannie Mae Loan Lookup tool.
Your loan was closed on or before May 31, 2009 (this date can be found using the loan lookup results).
Take the HARP Quiz to see if you may qualify. For more information about HARP eligibility and requirements, go to HARP.gov or visit the Fannie Mae Loan Lookup tool.

Top reasons to refinance with HARP

Lower your monthly payment
Reduce your interest rate
Get a fixed-rate mortgage that won’t change over time
Build equity faster—shorter term options may be available
Save time and money with usually no appraisal required