Refinance with the HARP Program

HARP Reifnance

At the present, over 20% of American homeowners feel that their home’s value is actually lower than the balance of their mortgage. Thankfully, a program has been designed to help these people that are “under water” on their mortgage. The HARP (Home Affordable Refinance Program) was introduced by the Federal Housing Finance Agency in an effort to help homeowners stay in their home and avoid a costly loss.

Basis of HARP

This refinance program was offered as a way to assist homeowners in refinancing at the historically low mortgage rates that began to emerge in 2009 through 2012. The program is intended only for people that owe more on the loan than the home’s current value. Here are some of the criteria of the loan.

  • Allows homeowners to refinance in order to obtain lower payments through a lower interest rate.
  • Eliminates the existing ceiling of 125% loan to value currently used by Freddie Mac and Fannie Mae guidelines.
  • Allows for certain fees common to refinances to be waived in order to lower costs for the homeowner.
  • Program is valid until December 31, 2016.
  • If Freddie Mac and Fannie Mae have provided an estimated automated valuation model for the home then a new appraisal is not necessary.

Determining Eligibility

There are some very specific rules for determining who is able to refinance via HARP. Here are the basic guidelines:

  • At the time of the mortgage your most recent 6 home payments must have been paid on time. In addition, there can be only one past due mortgage payment within the most recent 12 month period.
  • The current home loan must be a Fannie Mae or Freddie Mac conventional loan
  • Only home loans sold to Freddie Mac or Fannie Mae prior to May 31, 2009 will be allowed
  • Only one HARP refinance is allowed: EXCEPTION: if you refinance a home loan using the HARP program during the months of March, April and May of the year 2009 then you may be eligible to refinance again.

If you have a conventional mortgage and you feel your property value has plummeted below the balance on the mortgage then this could be a great way to lower your payments and free up some money to pay towards other debt.

Contact us below or apply online to see if you qualify for the HARP Refinance Program!
Important Disclosure

If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie mac or Fannie Mae by checking the following websites: or

  • Contact us for more information
    (877) 240-5810
  • Fill out the form and a member of our team will contact you within 24 hours.
  • We will only use this contact information for a one-time consultation unless you request otherwise. Privacy Policy.
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Filed under: Illinois Blog, Refinance Loans

Luke Skar

Luke Skar is the web developer and content strategist for Inlanta Mortgage in Madison, serving Wisconsin, Illinois, Minnesota and Florida. Guided by his 12-plus years of various mortgage marketing experience, Luke provides top-quality SEO services, effective social media management, and web development and maintenance. Luke’s career in the mortgage industry began back in 2001, as a loan processor. After becoming a loan officer for a number of years, Luke is now the sole owner/operator of To ensure that all the information he posts is fresh, accurate, and up-to-date, Luke relies on the knowledge which his years of dedication to keeping up with the constant change that the mortgage industry provides.


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