If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply.
You may be eligible to apply if you meet all of the following:
- You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
- You do not have an FHA, VA or USDA loan.
- You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
- Have a first mortgage not exceeding 125 percent of the current market value of your home.
- The refinance will improve the long-term affordability or stability of your mortgage.
- You have the ability to make the new payments.
*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you qualify for HARP.
The HARP program is offered by many servicers. Homeowners should check with their mortgage servicer (the company to which homeowners make their mortgage payments) to determine if they are participating in HARP. If their mortgage servicer is not participating, the homeowner may contact other lenders that participate in HARP to determine if they are eligible for a refinance.
Steps to HARP Refinance
- Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac by visiting their respective Loan Lookup tools.
- Contact your current mortgage servicer or another that is approved by Fannie Mae or Freddie Mac to inquire about HARP.
- Compare rates and costs with additional mortgage companies to ensure best refinance terms.
For More Information
- Visit FannieMae.com or call (800)7Fannie.
- Visit FreddieMac.com, call (800)Freddie, Option 2
- If you have additional questions about getting mortgage help, contact one of our housing advisors at (888) 995-HOPE (4673). These HUD-approved housing counselors will help you understand your options, design a plan to suit your individual situation, and prepare your application. Research shows that homeowners who work with housing counselors like these are more successful and have better long-term outcomes. There is no cost to you for this valuable, around-the-clock service. Help is available in more than 160 languages.