What is the Home Affordable Refinance Program (HARP)?

Program Deadline: Extended through September 30, 2017.

3+ Million Helped

HARP has helped more than three million people refinance.

Eligibility Requirements

  1. Fannie Mae or Freddie Mac must own or guarantee the loan.
  2. The loan was originated on or before May 31, 2009.
  3. The current loan-to-value (LTV) ratio must be greater than 80 percent.
  4. The borrower must be current on their mortgage with no late payment in the last six months and no more than one late payment in the last 12 months.

Borrowers should contact their existing lender or any other mortgage lender offering HARP refinances.

The HARP Goal


Create refinancing opportunities for eligible borrowers, while reducing risk for Fannie Mae and Freddie
Mac and bringing a measure of stability to housing markets.

HARP Introduced in 2009


FHFA and the Department of the Treasury introduced HARP in early 2009 as part of the Making Home Affordable program.

HARP provides borrowers, who may not otherwise qualify for refinancing because of declining home values or reduced access to mortgage insurance, the ability to refinance their mortgages into a lower interest rate and/or more stable mortgage product.

2011 Program Enhancements

  1. Eliminated certain risk-based fees for borrowers refinancing into shorter-term mortgages and lowered fees for other borrowers.
  2. Removed the 125 percent LTV ceiling for fixed-rate mortgages backed by Fannie Mae and Freddie Mac.
  3. Waived certain representations and warranties that lenders commit to in making loans owned or guaranteed by Fannie Mae and Freddie Mac.
  4. Eliminated the need for a new property appraisal where there is a reliable AVM (automated valuation model) estimate provided by either Fannie Mae or Freddie Mac.
  5. Extended the end date for HARP to December 31, 2013. (Note: the deadline was extended to December 31, 2015 in 2013)

The program enhancements were developed at FHFA’s direction with input from lenders, mortgage insurers and other industry participants.

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