Home Affordable Refinance Program (HARP)

If you're not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance through the Home Affordable Refinance Program (HARP). HARP is designed to help you get a new, more affordable, more stable mortgage. HARP refinance loans require a loan application and underwriting process, and refinance fees will apply.

+ Eligibility
You may be eligible for HARP if you meet all of the following criteria:
The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
The current loan-to-value (LTV) ratio must be greater than 80%.
The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.
If your loan is owned by Freddie Mac, you may check your potential eligibility for HARP here. Click the link to access http://knowyouroptions.com/loanlookup
If your loan is owned by Fannie Mae, you may check your potential eligibility for HARP here.
Click the link to access http://knowyouroptions.com/loanlookup

+ Program Availability
Ask your mortgage servicer (the company to which you make your mortgage payments) if they participate in HARP. Not all mortgage servicers do. Contact Fannie Mae or Freddie Mac for help in determining if you may be eligible for HARP.
Program ends December 31, 2015.

+ Steps to HARP Refinance
Determine whether your mortgage is owned or guaranteed by Fannie Mae or Freddie Mac by visiting their respective Loan Lookup Tools.
Contact your current mortgage servicer or another that is approved by Fannie Mae or Freddie Mac to inquire about HARP.
Compare rates and costs with additional mortgage companies to ensure best refinance terms.Here are some questions and answers that may help.
Can I pay down the principal balance of my loan when I refinance my home through HARP?
Yes, you can pay down your principal balance when you refinance your home through HARP or any time after you. There are no pre-payment penalties.
Can I refinance my home through HARP if I have a low credit score?
Yes.
Can I refinance my home through HARP even if I don't live in the property anymore?
Yes.
Can I refinance my condo through HARP?
Yes.
I have your best interests in mind so please let me know a little bit about your situation by using my interactive Refinance Advisor. From there I can contact you with a custom quote of your best options, or you can always call me direct at (516) 469 6262. Please do not hesitate to call.

For More Information You Can Also Visit These Sites Directly.
External links:
Fannie Mae loan look-up tool, FANNIE MAE.
Freddie Mac loan look-up tool, FREDDIE MAC
Fannie Mae Guidelines, FANNIE MAE GUIDELINES