HARP Loan Requirements

HARP Loan Requirements

You may be eligible to apply for the HARP Loan if you meet the following requirements:

  • 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.

More on HARP Loan Requirements:

  • The objective of a refinance under HARP is to help homeowners get into more stable or more affordable loans. Refinancing will not reduce the principal amount you owe to the first lien mortgage holder or any other debt you owe.
  • The rate will be based on market rates in effect at the time of the refinance and the homeowner will be subject to any associated points and fees quoted by your lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans must have no prepayment penalties or balloon payments.
  • The Home Affordable Refinance will not return cash to the borrower for the purpose of paying other debts.
  • Homeowners who are currently delinquent or have been more than 30 days overdue during the past 12 months generally will not qualify. Contact your servicer to see if a modification under the Home Affordable Modification Program is an option for you
  • The program expires on December 31, 2013. Your refinance under HARP must have a mortgage note date on or before that date.