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The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency (FHFA) to help homeowners who are current on their mortgage payments, but have little equity in their home, or owe as much or more on their mortgage than their home is actually worth.

HARP enables qualified borrowers with loans through Fannie Mae or Freddie Mac to refinance their home without new or additional mortgage insurance. Refinancing can often afford borrowers a lower interest rate, shorter loan term or a change to a fixed or adjustable-rate loan. There is no minimum credit score requirement.


How to Qualify a HARP Refinance

  • Your loan must be owned or backed by Fannie Mae or Freddie Mac.
  • The current loan-to-value ratio of your mortgage must be greater than 80%.
  • You must be current on your mortgage payments with no 30-day+ late payments in the last six months and no more than one in the past 12 months.
  • The mortgage must be for your primary residence, second home or investment property.
  • Your home loan was originated on or before May 31, 2009.


Common HARP Q&A’s

  • Q: Can I refinance with HARP if I have a second mortgage?
    A: Yes, you can refinance with HARP if you have a second mortgage. However, in accordance with HARP guidelines, you cannot combine your two mortgages in a cash-out refinance.
  • Q: Can I refinance with HARP even if I have no equity in my home?
    A: Yes, you can refinance your home with HARP if you have no equity. That’s exactly the premise of the program!
  • Q: I was already turned down for HARP once. Can I apply for HARP again?
    A: If at first you don’t succeed, apply again.
  • Q: Can I refinance my home through HARP even if it’s not my primary residence?
    A: HARP 2.0 can be used to refinance homes of any occupancy type.
  • Q: Can I use HARP even though I am not behind on my mortgage payments?
    A: The HARP refinance program is not meant for homeowners who are behind or delinquent with their mortgage payments.
  • Q: Can I use HARP even though my loan has private mortgage insurance (PMI)?
    A:You can use HARP 2.0 for loans with existing PMI. This is a change from HARP 1.0 and applies to loans with both borrower-paid mortgage insurance (BPMI) and lender-paid mortgage insurance (LPMI).

Additional Resources
Loan-to-Value Calculator
Fannie Mae Loan Lookup
Freddie Mac Loan Lookup

The HARP deadline has been extended through December 31, 2018*! The time to act is right now! Summit Mortgage Corporation can help you find out if you’re eligible for a refinance with HARP in Oregon or Washington.


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*To learn more about the extension of the HARP deadline and a future replacement program, click here.