HARP (Home Affordable Refinance Program) is a program designed to help qualified homeowners take advantage of today's low interest rates even when their property values have declined since they purchased their home and they owe more than the property is worth. HARP 2.0 is the next version of HARP including lower rate adjustments, appraisal waivers, higher loan to value and the ability to refinance loans with current mortgage insurance.

The current loan must be services by Fannie Mae or Freddie Mac. Any lender should be able to determine if this is the case when reviewing your loan. The current loan must have been sold to Fannie Mae or Freddie Mac prior to May 31, 2009 and you must have less than 20% equity in the home. These loans are available on primary, secondary or investment properties.

HARP and the recent changes to as HARP 2.0 will help many home owners refinance into lower rates regardless of the reduced values over the last few years. Most lenders have this product. Although, there will be differences among lenders on what they make available with regards to maximum loan to values and other variables.