Home Affordable Refinance Program (HARP)

Many homeowners pay their mortgage on time but are not able to refinance to take advantage of today’s lower mortgage rates. The White House spearheaded an initiative to allow


HARP Mortgages

consumers to get a Home Affordable Refinance through Fannie Mae or Freddie Mac.  Their programs are called the DU Refi Plus and LP Open Access respectively.  This is particularly useful to borrowers wishing to refinance if they have lost equity in their home as a consequence of the housing market downturn.

You may be eligible for a Home Affordable Refinance if you:

●      Own a one- to four-unit home that is your primary residence;

●      Have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac;

●      Are current on your mortgage payments and have not been more than 30 days late making a payment within the past 12 months;

●      Have income sufficient to support the new mortgage payments; and Can improve the long-term affordability or stability of your loan with the refinance

The HARP initiative can allow upside down homeowners to refinance their home to a new lower rate without incurring monthly mortgage insurance even though a 20 percent equity position might not be maintained.  There is NO LIMIT to the loan to value.  Ask one of the iLoan experts if your mortgage may be eligible.

To find out if a loan is owned by Fannie Mae or Freddie Mac, first find the property’s standardized address by going to the United States Postal Service website, click on “lookup a zip code,” and find the properties “standardized address.”  Then, enter that address into these lookups to see if there’s a match:

Does Fannie Mae Own My Loan?

Does Freddie Mac Own My Loan?