Home Affordable Refinance Program (HARP) 2
If your 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 MHA's Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans
You may be eligible for HARP if you meet all of the following criteria:
- The Mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
- The Mortgage must have been sold to Freddie Mac or Fannie Mae on or before May 31, 2009.
- The Mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May 2009.
- The current loan-to-value (LTV) Ratio must be greater than 80%
- The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
Ask your mortgage servicer (the company to which you make your mortgage payments) if they participate in HARP. Not all mortgage servicers do. Contact Fannie Mae of Freddie Mac for help in determining if you may be eligible for HARP.