HARP Refinance

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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 MHA's 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. 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 and who got their loan before May 2009 
• Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster
• Borrowers will now be able to refinance regardless of how far their homes have fallen in value. 
• The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
• The end date to get a HARP refinance has been extended to Dec. 31, 2013

To "look up" your mortgage, check Fannie Mae. If you can't find your mortgage there, check Freddie Mac.

*Eligibility criteria are for guidance only. Contact your mortgage servicer to see if you are eligible for HARP.

Posted in: HARP 2.0, Home Owner, Mortgage, Mortgage Help, Underwater, Upside Down