WHAT IS A HARP LOAN?
When you have little equity in your home, or owe as much or more on your mortgage than your home is worth, but for borrowers have remained current on your mortgage payments, and have loans owned by Fannie Mae or Freddie Mac, there is hope. It’s called HARP.
Introduced in March 2009, HARP Loan’s enable borrowers with little or no equity to refinance into more affordable mortgages without new or additional mortgage insurance. HARP targets borrowers with loan-to-value (LTV) ratios equal to or greater than 80 percent and who have limited delinquencies over the 12 months prior to refinancing.