Harp Loan Program

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HARP stands for the Home Affordable Refinance Program.  It was created by the government in response to the housing crash to assist underwater homeowners take advantage of low market interest rates and refinance even though there was no equity in their home.

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There are two types of HARP Refinance loans available: The Refinance of an existing Fannie Mae mortgage. Freddie Mac Refi Relief – The Refinance of an existing Freddie Mac mortgage.

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Under both programs, homeowners can refinance their current loan as long as the existing mortgage is owned by either Fannie Mae or Freddie Mac and the mortgage was originated prior to June, 2009.  There is no Loan To Value limit under HARP!  You can refinance even if the Loan To Value is 200% or higher. The HARP program also offers a streamlined refinance process- with reduced documentation requirements and in some cases a appraisal is not required.