What is the Home Affordable Refinance Program (HARP)?

Announced in the beginning of 2009, HARP is a federal government program created to help 5 million underwater or near-underwater homeowners refinance into a fixed rate loan with a lower monthly payment. However, as of Aug. 31, 2011, only 894,000 borrowers have actually refinanced through HARP.

In October 2011, President Obama announced a makeover to the HARP program with the purpose of reaching more underwater homeowners. The expanded HARP program – also referred to as HARP 2.0 – took effect on March 17, 2012 for eligible borrowers.

How do I find out who holds my mortgage?

There are two eligibility requirements for the HARP program:

1. Your mortgage must be held by either Fannie Mae or Freddie Mac. To “look up” your mortgage, check Fannie Mae. If you can’t find your mortgage there, check Freddie Mac. Your loan must be owned by one of these two choices to be eligible for HARP 2.0.

2. Your loan must have been funded by May 31, 2009.

How do I know if I am eligible for HARP?

You can find out if you are eligible for HARP by contacting me today.