What is the purpose of FHFA's Home Affordable Refinance Program (HARP)?

The purpose of FHFA's Home Affordable Refinance Program (HARP) is to assist homeowners who are unable to refinance their mortgages due to a decline in home values. HARP aims to provide eligible borrowers with the opportunity to refinance their loans at more favorable terms, such as lower interest rates and monthly payments. By refinancing under HARP, homeowners may be able to avoid foreclosure and potentially save significant amounts of money over the life of their loans. The program is designed to help responsible borrowers who are current on their mortgage payments but face challenges in refinancing due to the lack of equity in their homes. HARP provides valuable refinancing options to promote stability in the housing market and support homeownership sustainability.