Home Affordable Refinance (HARP)
If you are current on your mortgage and have been unable to obtain a traditional refinance because the value of your home has declined, you may be eligible to refinance through HARP. HARP is designed to help you refinance into a new affordable, more stable mortgage. The HARP loan is a new loan and will require a loan application and underwriting process. Loan refinance fees will apply.
You may be eligible to apply if you meet all of the following:
- You have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac.
- You do not have an FHA, VA or USDA loan.
- You are current on your mortgage payments and have not been more than 30 days late making a payment over the last year.
- You owe more than the home is worth, but your mortgage does not exceed 125 percent of the current market value of your home.
- The refinance will improve the long-term affordability or stability of your mortgage.
- You have the ability to make the new payments.
Still not sure? Take this short survey to find out if YOU qualify.
How to Recognize a Mortgage Scam!
You might be a victim of a scam if:
- You are told you will get a federal incentive to walk away from your mortgage
- You are asked to pay upfront for counseling
- You are pressured to sign papers immediately
- You are asked to sign your house over to a company or person who is not working with your mortgage company
- You are asked to make a mortgage payment to someone other than your mortgage company without their approval
- You are guaranteed a successful short sale or mortgage modification
- They claim to be a representative of the federal government
If you believe that you are a victim of a scam, you should contact the Federal Trade Commission (FTC) at 1-877-FTC-HELP (1-877-382-4357) or visit their Complaint Assistant https://www.ftccomplaintassistant.gov.
