What is the Home Affordable Refinance Program (HARP)?

The Home Affordable Refinance Program, commonly known as HARP, was a federal initiative created to assist homeowners in refinancing their mortgages, particularly those who were underwater, meaning that they owed more on their mortgages than their homes were worth. HARP was launched in 2009 as part of the government’s response to the financial crisis and aimed to provide relief to those struggling with their mortgage payments due to declining home values. Through HARP, eligible homeowners could refinance their existing mortgages to secure lower interest rates or change the terms of the loan without the typical requirement of private mortgage insurance or the need for a new appraisal. This was particularly beneficial for borrowers who had maintained good payment histories but found themselves unable to refinance through traditional means due to decreased home equity. It is important to note that HARP was time-limited and officially ended in December 2018. Although it has now concluded, its legacy continues in various new refinancing opportunities which may aim to achieve similar goals of affordability and accessibility for borrowers. For those seeking information about current refinancing options or potentially available assistance, exploring the official Freddie Mac website or contacting appropriate resources is advisable, as they provide comprehensive insights into available lending programs and eligibility criteria.