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More than 3.4 million have refinanced through
HARP® thousands more are eligible
Introduced in March 2009, HARP enables borrowers with little or no equity to refinance into more affordable mortgages without new or additional mortgage insurance. HARP targets borrowers with loan-to-value (LTV) ratios equal to or greater than 80 percent and who have limited delinquencies over the 12 months prior to refinancing.
Through HARP, you can get a lower interest rate (which means less out-of-pocket costs each month),
get a shorter loan term, or change from an adjustable to fixed-rate mortgage.
There’s no minimum credit score needed, either.
Next: HARP program includes
Borrowers will now be able to refinance regardless of how far their homes have fallen in value. Previous loan-to-value limits were set at 125 percent.
Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
Certain risk-based fees for borrowers who refinance into shorter-term loans have been reduced.
Lenders now need less paperwork for income verification, and have the option of qualifying a borrower by documenting that the borrower has at least 12 months of mortgage payments in reserve.
The end date to get a HARP refinance is December 31, 2018.
Next: How can HARP help me?
If you are current on your mortgage; have a mortgage that is owned by Fannie Mae or Freddie Mac, and owe as much or more than your home is currently worth, you may be eligible for HARP refinancing. That can mean significant savings by:
Find HARP-approved lenders in your state.
$2,974*
per year
By refnancing to a mortgage with a lower interest rate, you could pay less each month and over the life of the loan.
Today’s market rates are more than 30% lower than in 2008
By switching from a 30-year to a 15-year loan, you’ll build equity
If you qualify to refinance your mortgage through HARP, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). A HARP lender will work with you through every step, and will help determine if HARP meets your specific needs. Outlined below are the steps to get started.
Verify if you are eligible for HARP refinance, using HARP verification tool online.
Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need:
Find a list of approved HARP lenders at one of these pages. Tell them you are interested in refinancing, and you want to see if you qualify for.
If your lender determines that you do qualify for HARP, they will guide you through the application, approval and closing process.
Find HARP-approved lenders in your state.
Use Free online HARP Verification tool to see if you might be eligible.
