HARP – Home Affordability Refinance Program

HARPHARP stands for Home Affordability Refinance Program and is offered through the U.S. Department of Treasury and Housing and Urban Development.  HARP is for homeowners that are not behind on their mortgage payments and have not had luck in obtaining refinancing because the value of their home has declined.

HARP Eligibility

In order to qualify for HARP:

  • The current Loan to Value (LTV) must be greater than 80%
  • The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae
  • The mortgage must have been sold to Freddie Mac or Fannie Mae prior to May 31, 2009
  • Must be the first time borrower is applying to HARP for current mortgage. Exception is a Fannie Mae loan refinanced under HARP from March-May 2009
  • Borrower must be current on mortgage and have no late payments in the last 6 months and no more than 1 late payment in the last 12 months.

The items above are eligibility guidelines only and HARP eligibility will ultimately be determined by your mortgage provider.  To find out if your mortgage is guaranteed or owned by Freddie Mac or Fannie Mae use the HARP Loan Lookup Tool.  Once you determine your loan is guaranteed or owned by Freddie Mac or Fannie Mae your next step is to contact your mortgage provider.  Your mortgage provider will provide you with further information regarding eligibility for HARP and your responsibilities under the program.

For additional help with question regarding HARP call 1-888-995-HOPE(4673).

HARP SCAM Alert: Do not talk to anyone that calls you directly, or respond to email concerning loan modification or refinancing.  Call your mortgage lender directly using the phone number listed on your mortgage statement.


Stay Connected with The Frugal Toad

Subscribe to our e-mail newsletter to receive updates.

, , ,

9 Responses to HARP – Home Affordability Refinance Program

  1. Barbara Friedberg 01/07/2012 at 9:26 pm #

    There is enough blame to go around for the preponderance of underwater mortgages. It would help the economy immensely to help these folks out when warranted.

    • Paul 01/08/2012 at 9:36 am #

      I agree with you that it wasn’t just the banks at fault for the current debt crisis however, It would be nice if the banks would release more of the billions of tax payer dollars to help those that are underwater. Banks should be limited in the types of investments ie. derivatives, so that they are not taking on huge risk.

  2. Shaun @ Money Cactus 01/02/2012 at 6:08 am #

    Sounds like a program that could potentially help a lot of people, I hope it helps the right ones.

  3. Amanda L Grossman 12/31/2011 at 1:36 pm #

    It is really sad to see that many foreclosed-on homes are not being handled well by the banks. The properties are deteriorating, bringing down the value to others’ properties even more!

  4. JP @ Novel Investor 12/29/2011 at 10:34 pm #

    Hopefully HARP will be much more effective than the original HAMP program was.

  5. Lisa @ Cents To Save 12/28/2011 at 10:39 pm #

    Hopefully this program will be able to help some of the many people currently struggling.

  6. krantcents 12/28/2011 at 1:22 pm #

    I am in favor of any program to reduce the number of foreclosures.

    • My University Money 01/14/2012 at 11:03 pm #

      I agree with KC, anything that stops this negative spiral of foreclosures and further cheap housing putting downward pressure on the market is a good thing!

  7. Miss T @ Prairie Eco-Thrifter 12/28/2011 at 9:32 am #

    I think this is a great program. I don’t think it is right people have been penalized because of the falling economy. They should be given options to improve their situation especially when they have been responsible payers.

Leave a Reply