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The Home Affordable Refinance Program

The federal Home Affordable Refinance Program—or HARP—is a unique program that allows certain homeowners who currently owe more on their homes than their homes are worth to refinance to help them gain financial footing that they may have lost due to the “underwater” status on their homes.

To Be Eligible for HARP, you must meet all of the following criteria:

  1. Have no late payments in the last 12 months.
  2. Must not currently be in foreclosure.
  3. Your loan must have been originally owned by Freddie Mac or Fannie Mae or sold to them before May 31, 2009.
  4. You must not have ever utilized a HARP loan at any time for your home.

What will my monthly HARP payment be?

Calculate your potential new monthly mortgage payment in seconds with this handy calculator so you can make sure you have enough money left over each month for all your other expenses. Choose your rate and term—you might be surprised to see how affordable it is to own your home in less time than you thought. See how much interest you’ll pay over the life of the loan, and enter prepayment amounts to calculate their impact on your mortgage.

HARP Refinance FAQs

How do I know if I'm eligible for the H.A.R.P. Program?

You may be eligible for a HARP refinanced if:

  1. The mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac
  2. The mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  3. The mortgage CANNOT have been refinanced under HARP ® previously unless it is a Fannie Mae loan that was refinanced under HARP ® from March-May, 2009.
  4. The borrower MUST be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
  5. You have a reasonable ability to pay the new mortgage payments.
  6. The refinance improves the long term affordability or stability of your loan.
How do I know if my loan is owned by Fannie Mae or Freddie Mac?

Both Fannie Mae and Freddie Mac have established toll-free telephone numbers and web submission processes to make this data available. Homeowners can enter information to determine if either agency owns or guaranteed the loan. This information is not a guarantee of eligibility for a refinance under HARP ®, as other qualifying criteria must also be met.

For Fannie Mae:

For Freddie Mac:

Are condominiums eligible for refinance under HARP?

Condominiums are already eligible under HARP® and, under the enhanced program, condominiums that originally met Fannie Mae/Freddie Mac requirements remain eligible.

How do I apply for a HARP refinance?

A Personal Mortgage Advisor will ask you some simple qualifying questions and then have you complete an application, just like a traditional mortgage transaction. It helps speed up the process when you have the necessary documents ready for the Personal Mortgage Advisor. Here is a short list of the most common documents requested:

  1. Information about the monthly gross (before tax) income of all the homeowners on your loan, including recent pay stubs if you receive them, or documentation of income you receive from other sources
  2. Your most recent income tax return
  3. Information about any junior lien mortgage on the house
  4. Account balances and minimum monthly payments due on all of your credit cards
  5. Account balances and monthly payments on all your other debts
Can I get cash out on a HARP refinance to pay off other debts?

No. The Home Affordable Refinance will not return cash to the borrower for the purpose of paying other debts.

Am I Eligible for a HARP Refinance?

  • Current on Payments

    No 30-day late payments in the last 6 months and no more than one in the last 12 months.
  • Primary Residence

    Your home must be your primary residence or either a 1-unit second home or a 1-4 family investment property.
  • May 31, 2009

    Your original loan was originated before May 31, 2009. One of our Personal Mortgage Advisors can look this up if you’re not sure.
  • Greater than 80%

    Your current loan to value or LTV ratio must be greater than 80%. A Personal Mortgage Advisor can help you find your LTV ratio.
  • Fannie or Freddie

    Your current loan must be owned by either Fannie Mae or Freddie Mac. Ask one of our Personal Mortgage Advisors if you’re eligible.

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