HARP Refinance Guidelines

In an effort to help a greater number homeowners, The Home Affordable Refinance Program HARP refinance guidelines have been loosened to the benefit of many strapped homeowners. The latest change to HARP was announced in October 2011, and substantially widens the number of borrowers who may benefit under the program. The new announcement allows for refinancing of Freddie and Fannie owned loans to any loan to value.

The new HARP 2 loan programs will be offered by lenders after March 19th, 2012. HARP was designed to help underwater homeowners to refinance their home into lower rate or more stable rate loans – effectively lowering their monthly payment burden. While the original HARP program extended loans to homeowners with 125% LTV, the new program has no LTV limit. Any loan with an LTV above 80% may be eligible. In addition:


  • The current mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  • To qualify under HARP Refinance Guidelines, borrowers must be current on their payments, have had no late mortgage payment in the past six months, nor more than one late payment over the last 12 months.
  • Borrowers should contact a mortgage broker offering HARP refinancing products. HARP loans are not made directly with Fannie/Freddie but through traditional mortgage lenders, credit unions or banks.
  • The HARP Program will continue to be available to borrowers through December 31st, 2013.

See if you qualify under HARP Refinanceget the best rates from among several lenders and apply.

Previous post:

Next post: