HARP Refinancing Guidelines

HARP Eligibility Part OneWith today’s lackluster economy and tenuous housing market, many homeowners throughout the United States are finding it difficult to make ends meet at the end of the month. Over the past few years, a wide range of governmental programs have been introduced to assist deserving homeowners in a variety of ways.

One such initiative, the Home Affordable Refinance Program, or HARP, was revamped to be more accessible to U.S. homeowners in need. As of March 17th, 2012, HARP 2 Refinancing was made available.

What is HARP 2.0?

The HARP 2 Refinancing program is designed to make refinancing available to homeowners who may have been otherwise unlikely to qualify due to a number of reasons, including degraded LTV (Loan to Value) ratios in which the homeowner is “underwater” on their mortgage; i.e. currently owing more than a house is worth. In short, HARP Refinancing offers lower interest rates and monthly payments to borrowers with low home equities.


What are HARP Refinancing guidelines for eligibility?

Homeowners meeting the following criteria will typically be eligible for HARP:

  • Mortgage must not have been previously refinanced through HARP.
  • Mortgage must have been sold to or guaranteed by Freddie Mac or Fannie Mae prior to June 1st, 2009.
  • Current LTV must be above 80%.
  • Homeowner must be current on mortgage payments with no delinquencies on the last six months, and no more than one late payment in the last twelve months.

*Some exceptions to these criteria may apply. Contact one of Freedom Financial Service’s mortgage specialists to learn more.

How do I apply for HARP?

Let us help with the legwork. Call one of our mortgage specialists today to find out more about HARP Refinancing guidelines and how Freedom Financial Services can assist you in lowering your monthly payments and interest rates.


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