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What is it?

The Home Affordability Refinance Program (HARP) provides refinancing opportunities to homeowners who owe more on their mortgage than their home is valued, in order for them to take advantage of historically low rates due to under-valued homes. Adjustments have been made to HARP in the last three years to extend the program’s reach (e.g. HARP 2.0) to more than four million homeowners. HARP 2.0 ends December 2015. If Congress approves HARP 3.0, it will offer relief to 12 million more homeowners by loosening some of the current restrictions. However, HARP 3.0 is not guaranteed currently, so now is the time to refinance.

In order to qualify for HARP 2.0:

  • Fannie Mae or Freddie Mac must own your mortgage.
  • Your loan date must be no later than May 31, 2009.
  • You owe more than 80 percent of the current value of your home.
  • You have paid all of your mortgage payments on time during the last 12 months.

If you have any questions about HARP, who owns your current mortgage, the value of your home, etc., contact us today. With The Federal Savings Bank, there are never any hidden fees or other surprises. Our refinance rates put money back in your pocket. To learn more about refinancing your mortgage, call to speak with one of our expert mortgage refinance bankers or complete a brief home loan application. We’re here to provide you with a clear path to home ownership!

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