HARP Loan Qualifications


What You Need to Receive a HARP Loan

In 2009, President Barack Obama introduced the Home Affordable Refinance Program (HARP) as part of the Making Home Affordable program. The intent of HARP is to assist responsible borrowers in getting a new, more affordable and stable mortgage. These homeowners are unable to qualify for a conventional home loan because the value of their home has declined since they purchased it.

Note that HARP ends on Dec. 31, 2017.

HARP loan qualifications require that:

– The mortgage is owned or guaranteed by Freddie Mac or Fannie Mae.
– The mortgage has been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
– The mortgage must not have been previously refinanced under HARP, unless it is a Fannie Mae loan that was refinanced under HARP between March and May 2009.
– The current loan-to-value ratio is greater than 80 percent.
– The borrower must be current on the mortgage at the time of the HARP mortgage refinance, with a good payment history in the past year.

In addition to the above HARP loan qualifications, HARP loans require a loan application and underwriting process, and HARP mortgage refinance fees apply.

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