HOME AFFORDABLE REFINANCE PROGRAM
The Home Affordable Refinance Program, also known as HARP, is a federal program designed to help underwater and near-underwater homeowners refinance their mortgages. Unlike the Home Affordable Modification Program (HAMP), which aims to assist homeowners who are in danger of foreclosure, this program targets homeowners who are current on their monthly mortgage payments, but are unable to refinance due to declining home prices.
Certain criteria must be met to qualify for HARP.
The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. Many homeowners are unaware that their mortgages are linked to one of these organizations, since neither Freddie Mac nor Fannie Mae deals directly with the public.
- The mortgage must have been acquired by Freddie Mac or Fannie Mae on or before May 31, 2009.
- The homeowner must not have a previous HARP refinance of the mortgage
- The homeowner must be current on their mortgage payments, with no (30-day) late payments in the last six months and no more than one late payment in the last twelve months.
- The homeowner must benefit from the loan by either lower monthly payments or movement to a more stable product (such as going from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage).
For more information, please contact one of our mortgage specialists:
Glenview, Wheeling offices:
NMLS ID# 412697
St. Charles Office:
Jan Dimmig Olson Chris Weis
(630) 549-7081 (630) 549-0925
NMLS ID# 1004514 NMLS ID# 412714