What Is The HARP Program? Home Affordable Refinance Program

The HARP Program is intended to help those homeowners who want to refinance their mortgage but cannot because their home’s value has decreased enough to prevent them from qualifying for normal Fannie Mae and Freddie Mac conventional lending loan to value underwriting guidelines.

HARP Eligibility Requirements

Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac. (See below to contact Fannie Mae or Freddie Mac);

When you apply for the HARP Program you must be current on your mortgage payments ("current" generally means that you have not been more than 30 days late on your mortgage payment in the last 12 months, or, if you have had the loan for less than 12 months, you have never missed a payment);

Your mortgage balance must not exceed 125% of your home’s value;

You must have income sufficient to pay back the new mortgage payment amount;

Your mortgage refinance must improve the long term stability and affordability of your current mortgage. Example: your current mortgage is a 10 year Interest Only Mortgage and you are refinancing to a 30 year fixed rate mortgage.

For the HARP program you will need to contact either your current mortgage company to see about refinancing with them, or contacting another lender to see if you qualify for a HARP refinance program with them.
For the HAMP program, you will need to contact your mortgage lender first – loss mitigation department to see what information you need to provide for them to consider a mortgage modification.

Is My Mortgage Guaranteed by Fannie Mae or Freddie Mac?

For Fannie Mae: 800-7FANNIE (8am to 8pm EST)


For Freddit Mac: 800-FREDDIE (8am to 8pm EST)