The Basics of the Home Affordable Refinance Program (HARP)

There are some very basic requirements that will allow you to determine whether you may be eligible for Home Affordable Refinance Program (HARP) if you meet all of the following criteria:

•The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae.
•The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
•The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
•The current loan-to-value (LTV) ratio must be greater than 80%.
•The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.

Ray Garcia, Esq.
Board Certified in Real Estate Law
by the Florida Bar