Primary tabs
Anna Cuevas is the National Urban League's new Consumer Advocate, as part of our 2015 Financial Empowerment series. Learn more about Anna here.
The Home Affordable Refinance Program (HARP) has been extended through December 2016. This federal government program was established in 2009 to assist underwater or struggling homeowners in refinancing their mortgages. HARP offers homeowners with mortgages owned by Fannie Mae or Freddie Mac with reduced, affordable mortgages. In order to qualify, homeowners must complete an application and meet the following eligibility requirements:
-
The mortgage must be owned by Freddie Mae or Fannie Mae. To determine if your loan qualifies, use the links or toll free numbers below:
Fannie Mae
Loan Look-up Tool
Telephone: 800-7FANNIE
Freddie Mac
Loan Look-up Tool
Telephone: 800-FREDDIE
-
The origin date of the mortgage was on or before May 31, 2009.
-
The home is the homeowner’s primary residence, or a single unit second home, or an investment property that contains from one to four units.
-
Homeowners must be current on their mortgage payments, without any late payments of 30 days or more in the past six months, and only one 30-plus day late payment in the last 12 months.
- The loan-to-value ratio of the mortgage must be more than 80 percent.
The process of applying for HARP has become less cumbersome and easier. The steps below will guide you through the application process.
-
Before you call your mortgage officer or lender, gather the documents you will need. These include your current mortgage statements for a first mortgage, and a second mortgage if you have one. You will also need proof of income, which can be documented by paystubs and/or the most recent income tax return.
- Determine if your mortgage company is an approved HARP lender. Contact them in person or via telephone to determine this information. If your lender is not HARP approved, find a HARP approved lender from the lists in the links below. Tell them you are interested in applying for refinancing through HARP.
- Apply for the loan by completing the application, submitting required documentation, and going through the loan closing process.
If you are told you do not qualify for HARP, find out why you are not eligible. Ask to speak to another lender or representative to verify that is the case. If the reason you do not qualify is one that can be corrected, such as having a 30-day late payment within the past six months, you can take steps to become eligible in the future.
