HARP

Home Affordable Refinance Program


UPDATE: HARP Has Been Extended to December 2018

The federal Home Affordable Refinancing Program, HARP, has been extended until December 2018. The loan help had been set to expire at the end of September.

 

What's All This Noise About HARP Refinances?

Homeowners who still owe more than their home is worth have extra time to tap a program that lets them refinance. The federal Home Affordable Refinancing Program, HARP, allows homeowners with a Fannie Mae or Freddie Mac mortgage to refinance, no matter how underwater they are on their mortgage. Through HARP, you can get a lower interest rate (which means less out-of-pocket costs each month), get a shorter loan term, or change from an adjustable to fixed-rate mortgage. HARP saves homeowners an average of $189 per month per the Federal Housing Finance Agency. That isn't a small sample size either. According to the same agency there have been 3.4 million refinances through HARP since inception.

 

Eligibility

  • You are current on your mortgage, with no 30-day+ late payments in the last six months and no more than one in the past 12 months

  • Your home is your primary residence, a 1-unit second home or a 1- to 4-unit investment property.

  • Your loan is owned by Freddie Mac or Fannie Mae. You can use the Loan Look-up Tools below if you are unsure.

  • Your loan was originated on or before May 31, 2009. By using the loan look-up tools below, this date will be made available to you.

  • Your current loan-to-value (LTV) ratio must be greater than 80%.

 

How Much Can you Save?

States with the highest concentrations of eligible HARP borrowers:

  1. Florida - 37,662. Average savings for FL homeowners who have refinanced with HARP is $2,298 per year.

  2. Illinois - 30,205. Average savings for IL homeowners who have refinanced with HARP is $2,208 per year.

  3. New Jersey - 14,496. Average savings for NJ homeowners who have refinanced with HARP is $2,786 per year.

  4. California - 12,272. Average savings for CA homeowners who have refinanced with HARP is $2,974 per year.

  5. Maryland - 11,890. Average savings for MD homeowners who have refinanced with HARP is $2,742 per year.

** As of 1st Quarter 2016

** Source: Harp.gov & Federal Housing Finance Agency


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