Home Affordable Refinance Program

Looking for information on the Home Affordable Refinance Program, which is also known as HARP? If the value of your home has declined and you have been unable to refinance your mortgage, the Home Affordable Refinance Program may be able to help you. Essentially, when you take advantage of HARP, you will be getting a brand now loan on your home, which, of course, requires that you complete a loan application and go through the underwriting process.

There are several eligibility requirements that are associated with the Home Affordable Refinance Program. Your current home mortgage must have been guaranteed or owned by either Freddie Mac or Fannie Mae and must now be a VA, FHA, or USDA loan. You must be up to date with your current mortgage payment and you must not have been more than 30 days late on making a payment within the past year. The amount of your current mortgage must be more than the value of your home, but it cannot exceed 125 percent of the current market value of your home. You must also be able to prove that you can make the new payments associated with the HARP loan and that financing will stabilize your mortgage.

If your current home mortgage was guaranteed or owned by Freddie Mac or Fannie Mae, your current lender must determine if you are eligible for the Home Affordable Refinance Program if you request them to. If you aren't sure if your current home mortgage is eligible, you can use the "Loan Lookup tools" that are available on the Home Affordable Refinance Program website. To ensure that you are getting the best possible refinance terms, compare the figures that your mortgage lender gives you with other mortgage companies in your area to determine if going through with the Home Affordable Refinance Program is the best solution for you.