What is a HARP Loan?

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.

If you’re not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the¬†Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.

  • Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac
  • 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.

What is a HARP Loan?

The HARP program goes by many names. Loan officers and the mainstream media use many terms to describe HARP, but they all refer to the same government program.

When you hear any of these terms used, they’re synonymous with HARP :

  • Making Home Affordable
  • Freddie Mac Relief Refinance
  • Fannie Mae DU Refi Plus
  • The Obama Refi Plan
  • The Underwater Refinance Program

HARP is a refinance program only, and should not be confused with the FHA Streamline Refinance, a similar loan program for FHA-insured underwater homeowners.

HARP is for mortgages secured by Fannie Mae and Freddie Mac only. Along with FHA mortgage, jumbo mortgage and USDA loans are excluded, too.