Home Affordable Refinance Program
Home Affordable Refinance Program or HARP was created by the government with a purpose of assisting those homeowners that is on the underwater or near-underwater situation to refinance their current mortgage. This is considered as a federal program by the government and was established by the Federal Housing Finance Agency or FHFA. The target of this program is to minimize extensive foreclosures.

HARP 2.0 is an expanded program for borrowers having a ratio of less than 125 percent loan-to-value or LTV. Unlike the old version of HARP, those borrowers could avail the program if they are below 125% LTV ratio. One could find out if they are eligible on this program using HARP Eligibility Calculator.

Refinance With Little/No Equity
Unlimited LTV
No Closing Costs

HARP Program Guidelines
RATE AND TERM REFINANCE ONLY (Primary Residence: 1 – 4 Units)
Fico Score: Maximum LTV: CLTV:
720+ 199% Unlimited
700-719 125% Unlimited
640-699 105% Unlimited
Basic Product Parameters
Fannie Mae HARP 2.0 Loans only DU Approve/Eligible findings only New subordinate financing is not allowed
Maximum DTI is determined by DU No mortgage lates in last 12 months DU Findings must reflect DU REFI + eligibility
Condo cap 125% LTV/CLTV High Balance Loan cap 125% LTV/CLTV No loans with Mortgage Insurance
Full documentation only Property Inspection Waivers accepted Benefit to borrower must be documented
FNMA Loans sold after May 31st, 2009 are ineligible Minimum loan amount $60,000 No more than $250 cash back allowed to borrower at closing
FNMA commitments previously negotiated are ineligible Cannot payoff existing subordinate financing with loan proceeds