HARP Program

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