HARP Guidelines

The HARP Program may help you lower your mortgage payment.  To take advantage of HARP (now HARP 2.0), you must meet the following eligibility requirements:

  • Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac.  (Note that – Fannie or Freddie may own your loan even if you make your monthly payments to a bank.  Often times banks just service loans that have been sold to Fannie or Freddie after financing.)
  • Your loan must have been purchased by Fannie Mae or Freddie Mac, on or before May 31, 2009
  • You must be current on your mortgage, and cannot have made a payment more than 30  days late in the past year. (and no late payments in the past 6 months)
  • Under HARP, you can refinance at any loan to value above 80%.  So even if your loan is twice the value of your home, you may refinance under HARP.  However, some me lenders are limiting borrowers to 125% LTV.  (under certain restrictions, your mortgage would not be able to exceed 125% of the value the home.)
  • Refinancing must help the affordability or stability of your mortgage.
  • You must have the ability to continue making payments.
  • Mortgages owned or guaranteed by the FHA, VA, or USDA are not eligible for HARP
  • Your property must be 1-4 units.
  • Your property must also be your primary residence. 2nd homes are not eligible for refinancing under the HARP Program.
  • HARP Loans are acquired through qualified mortgage brokers and banks – NOT through Fannie or Freddie directly.

If you you would like help determining if your loan is eligible to benefit under the HARP Program, simply fill out the form on the right and a Harp Program expert will contact you right away.