Home Affordable Refinance Program (HARP)

The government's new HARP 2.0 Refinance Program is available to U.S. homeowners as of March 17, 2012. This post is accurate and up-to-date. 


If you're underwater on your conforming, conventional mortgage, you may be eligible to refinance without paying down principal and without having to pay mortgage insurance.

Here are the details of the government's new 2012 HARP refinance program.


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What Is HARP?


HARP was started in April 2009. It goes by several names. The government calls it HARP, as in Home Affordable Refinance Program.

The program is also known as the Making Home Affordable plan, the Obama Refi plan, DU Refi +, and Relief Refinance.


In order to be eligible for the HARP refinance program :
1.Your loan must be backed by Fannie Mae or Freddie Mac.
2.Your current mortgage must have a securitization date prior to June 1, 2009

If you meet these two criteria, you may be HARP-eligible. If your mortgage is FHA, USDA or a jumbo mortgage, you are not HARP-eligible

Key features include:

  • Appraisals may not be required 
  • No minimum credit score (depends on lender)
  • No private mortgage insurance (unless you currently have it)
  • Primary, Second and Investment properties eligible
  • Sign closing paperwork at home