Homeowners Affordable Refinance Program

Lenders are no longer accepting applications for harp histor y of harp harp was established in 2009 to assist homeowners unable to refinance their loans due to a decline in their home value.

Homeowners affordable refinance program. Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today s lower mortgage rates mainly due to a significant decrease in the value of their home. Many homeowners found themselves in this situation after housing prices dropped in 2008. It was started in the wake of the 2008 financial crisis to help underwater borrowers refinance their homes. Unlike the home affordable modification program which assists homeowners who are in danger of foreclosure this program benefits homeowners whose mortgage payments are current but who cannot refinance due to dropping home prices in the wake of the u s.

Even if you owe more than your home is worth if your mortgage is owned by fannie mae or freddie mac you could save with harp. The home affordable refinance program is a government sponsored initiative updated in october of 2011 by president obama in response to the needs of homeowners suffering during the mortgage crisis. The application deadline for the home affordable refinance program harp was december 31 2018. The home affordable refinance program is a federal program of the united states set up by the federal housing finance agency in march 2009 to help underwater and near underwater homeowners refinance their mortgages.

As a response to the housing crisis the federal government created the home affordable refinance program harp for short. Federal regulators have made key changes to harp the home affordable refinance program designed to help borrowers who owe more on their loans than their house is worth. To help homeowners whose mortgages were higher than their home s value or who were nearing this underwater state who couldn t get a loan modification through other means to refinance their mortgage and avoid foreclosure. Home affordable refinance program harp for california homeowners the new making home affordable refinance program harp is the obama administration s government refinance assistance program designed to help california home owners who s mortgage is over 80 ltv or upside down underwater in value.

The home affordable refinance program harp ended on december 31 2018. The home affordable refinance program or harp is a program offered by the federal housing finance agency to homeowners who own homes that are worth less than the outstanding balance on the loan. Home affordable refinance program harp if you re current on your mortgage but have had difficulty refinancing harp could provide a solution.