- The Home Affordable Refinance Program is a product created by the Federal government to help homeowners whose home values are lower than their current loan amount.
HARP is unique—it’s the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. There have been several changes to HARP, but the primary enhancement removed the limit on the amount that homeowners could be “underwater” (owe more on their mortgage than their home is worth). With that change, many homeowners who were not eligible will now qualify.
HARP may be an option if:
- You have had a good payment history for the past 12 months. That means having no late payments in the last 6 months and no more than one 30-day late payment from 6 to 12 months ago.
- Your home is your primary residence, 2nd home or investment property.
- Your home value has decreased.
- You have limited equity or your first mortgage exceeds the current market value of the home (i.e., your loan-to-value ratio must be > 80% to be eligible).
- Your loan is owned or guaranteed by Fannie Mae or Freddie Mac.
- Your loan was closed on or before May 31, 2009 (this date can be found using the loan look up tools below).
Check the Fannie Mae Loan Look up tool.
Check the Freddie Mac Loan Look up tool.
Take the HARP Quiz to see if you may qualify. For more information about HARP eligibility and requirements, go to HARP.gov.
Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. PRMI NMLS: 3094. PRMI is an Equal Housing Lender. Licensed by the Maine Department of Professional and Financial Regulation, Bureau of Consumer Credit Protection #SLM5619, 989813