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Qualifying for the Home Affordable Refinance Program (HARP) 2.0

HARP 2.0 is the expanded Home Affordable Refinance Program that was created to help underwater homeowners refinance into a fixed-loan and a lower monthly payment. HARP is designed for Homeowners who are current on their mortgages but have been unable to take advantage of today’s lower interest rates because their home value has decreased. Before HARP 2.0, many homeowners with loan-to-value ratios of over 105% were turned away from lenders, but now the intention is to reach more homeowners with a loan-to-value ratio of up to 125%.

In order to qualify for HARP 2.0 you must meet some criteria:

  • Have a good payment history: no late payments in the last 6 months
  • Your loan is guaranteed by Fannie Mae or Freddie Mac or has been acquired by one of them on or before May 31, 2009
  • You have limited equity and your first mortgage exceeds the current market value for your home
  • This must be your first refinance through HARP
  • The current loan-to-value ratio MUST be greater than 80%
  • You have a reasonable ability to pay the new mortgage payments.
  • The refinance improves the long term affordability or stability of your loan

If you’re unsure if your loan is owned by Fannie Mae or Freddie Mac you can check on their websites:

For Fannie Mae:

For Freddie Mac: