Home Affordable Refinance Program (HARP)
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About HARP
Are you current on your mortgage, but owe as much or more than your home is worth? You could be eligible to save thousands of dollars each year with HARP refinancing.
The Home Affordable Refinance Program (HARP) is a federal program that enables borrowers with little or no equity to refinance into more affordable mortgages with lower interest rates and other favorable loan terms.
Benefits of HARP
If you’re current on your mortgage, but have had difficulty obtaining traditional refinancing due to a lack of home equity, or if you owe more on your home than it’s currently worth, HARP may be able to help. Overall, this program could help you:
- Refinance a primary residence, second home, or investment property
- Lower your monthly mortgage payments
- Reduce your interest rate
- Secure a more stable, fixed-rate mortgage
- Change the term of your mortgage
- No new or additional mortgage insurance required
Are You Eligible for HARP?
Homeowners must meet a few basic requirements in order to be eligible for a HARP refinance. Check with a First Heritage Mortgage loan officer for more information related to your personal situation.
In general, you may be eligible for HARP if:
- You are current on your mortgage payments, with no 30-day+ late payments in the past six months, and no more than one late payment in the past 12 months
- Your home is your primary residence, second home, or investment property
- Your mortgage loan was originated on or before May 31, 2009
- Your current loan-to-value (LTV) ratio is greater than 80%. Use this LTV Calculator tool from Fannie Mae to calculate your LTV ratio.
- Your loan is owned by Freddie Mac or Fannie Mae. You can use the Loan Lookup Tools if unsure.
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