Home Affordable Refinance Program – HARP

The making Home Affordable Refinance Program HARP is an important part of the Obama Administration’s comprehensive plan to help homeowners get mortgage relief and avoid foreclosure.


The Home Affordable program announced by the Department of the Treasury on March 4, 2009, includes a new initiative – Home Affordable Refinance – to provide refinance opportunities to borrowers with mortgages held or guaranteed by Fannie Mae. This initiative is for borrowers who have demonstrated an acceptable payment history on their mortgage but due to a decline in home prices or where mortgage insurance (MI) is not available, have been unable to refinance to obtain a lower payment or move to a more stable product. The Federal Housing Finance Agency (FHFA) has also provided greater flexibility to Fannie Mae to implement this refinance initiative.

Fannie Mae is announcing new refinance options to achieve the goals set out for this initiative and to incorporate additional flexibilities provided by FHFA. Importantly, the maximum loanto-value (LTV) ratio for refinance mortgage loans under this initiative will be expanded to 105 percent, and MI requirements will be significantly relaxed to assist borrowers who have experienced home price declines. This Announcement provides the details of the eligibility, pricing, and delivery requirements established to assist borrowers in refinancing into new loans with lower monthly payments or more sustainable mortgages in accordance with the Plan and FHFA’s guidance.

MHA Programs offer solutions that could help you:

  • Reduce your monthly mortgage payments.
  • Take advantage of today’s low mortgage interest rates.
  • Get mortgage relief while searching for re-employment.
  • Get help when you owe more than your home is worth.
  • Leave your home without the sting of foreclosure.

Freddie Mac/HASP Refinance

The Freddie Mac Relief Refinance Mortgage – Open Access helps borrowers refinance even if you are not currently servicing their mortgage. This offering is designed to assist borrowers who are making timely mortgage payments, but have been unable to refinance due to declining property values. A portion of this offering, mortgages with loan-to-value (LTV) ratios greater than 80 percent, represents our business implementation of the Home Affordable Refinance Program (HARP). With no maximum Loan to Value ratios, relief from standard mortgage insurance, simplified appraisal requirements, and the ability to submit through Loan Prospector®, you can refinance more borrowers into mortgages that better position them for long-term home ownership success.

The mortgage being refinanced must:

  • Be a first-lien, conventional mortgage currently owned or securitized by Freddie Mac.
  • Have a Freddie Mac settlement date on or before May 31, 2009.

Call for more details (801) 403-8887. In some cases no appraisal is required.