Home Affordable Refinance

HARP Refinance Program

Here are the highlights of the HARP refinance program.  Please keep in mind that ALL of these criteria must be met in order to be eligible.  Clients who currently have an FHA, VA or USDA Rural Housing loan are NOT eligible for this program.  However, other options for you exist (click here for details).

  • Your loan has to have closed prior to June 1, 2009 to be eligible.  If you closed on your current loan after May 31st your loan is not eligible for this program.
  • Just because your loan is owned by Fannie Mae or Freddie Mac does not mean it will be eligible under the HARP program.  Some loans that meet the eligibility dates and are owned by Fannie Mae and Freddie Mac are still not eligible for the HARP program.  Once you have completed a formal application, we will be able to make that determination quickly as to whether or not your loan is eligible.
  • If the loan originally had a down payment of less than 20% and PMI insurance, you will be required to retain PMI insurance as part of the new loan unless you can demonstrate that you now have 20% equity based on a current appraisal.
  • A current appraisal of your home may be required as part of the approval process.  In some cases, the need for an appraisal is eliminated.  The appraisal requirements will vary from borrower to borrower.
  • As part of President Obama’s HARP program, homeowners with substantial decreases in value can still take advantage of this program. This is true even if you owe more than what your home is worth.
  • There is generally no limit to the percentage of the home that can be financed.  Example, if you owe $200,000 and your home appraises for $100,000 your loan is essentially 200% of the homes current value.  Under the enhanced program you are still eligible.
  • Borrowers CAN NOT refinance a second mortgage or home equity loan as part of the new mortgage.  The second mortgage holder must be willing to go back into a second lien position in order for a borrower to refinance.  Most second mortgage lenders cooperate with this program.  It is important to remember that Home Equity Lines of Credit and Home Equity loans are considered second mortgages and require a subordination (going back into second lien position) by the lender.
  • Many of the fees for HARP refinances have either been reduced and or eliminated.  However, the terms you are offered can vary depending on the loan term you select as well as what your final appraised value is.
  • You must apply for this program by September 30, 2017 to be eligible.

Ready to find out what your options are?  Apply online for a no-cost, no-obligation mortgage application.  We look forward to assisting you.