What is the Home Affordable Refinance Program (HARP)?
Asked a year ago
The Home Affordable Refinance Program (HARP) is a government initiative introduced by Freddie Mac. It allows homeowners with mortgages owned or guaranteed by Freddie Mac to refinance, even if their home has lost value and they owe more than the property's current worth. HARP aims to help borrowers with high-interest rate loans or adjustable-rate mortgages by providing a more affordable and stable mortgage option. By refinancing through HARP, homeowners may be able to secure lower interest rates, reduce their monthly mortgage payments, and improve their financial well-being. HARP has specific eligibility criteria, including being current on mortgage payments, having a loan-to-value ratio greater than 80%, and obtaining the mortgage before May 31, 2009.
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