HARP Loans

What is it and how does it work?

On October 24, 2011, President Obama announced an overhaul of the HARP 2.0 (Home Affordability Refinance Program) program to include more homeowners. The expanded program is called HARP 2.0 and allows borrowers to refinance with greater flexibility and loan-to-value ratios.

HARP 2.0 is a government program known as the Home Affordability Refinance Program and is designed to help homeowners whose property values have decreased due to the declining real estate market refinance their mortgage. In some cases, HARP 2.0 eligible homeowners may owe more than the current value of their home.

All HARP 2.0 eligible loans must be owned or guaranteed by Fannie Mae of Freddie Mac with a history of on-time mortgage payments. This new program has many new features to help homeowners:

  • Loan-to-value limits may no longer keep homeowners from refinancing regardless of how much value their home has lost
  • In many cases the elimination of the need for appraisals
  • Certain fees may be eliminated or decreased
  • The program has been extended until December 31, 2013.
  • Loans can be underwritten faster and with less documentation then most conventional loans

Call us today at 610.265.2500 and speak to one of our trained and licensed loan experts to find out if you qualify for HARP 2.0

How do I qualify?

According to the program guidelines, your current mortgage must have been originated prior to May 31, 2009. In addition, your mortgage must have been owned or guaranteed by Fannie Mae or Freddie Mac prior to May 31, 2009 to be eligible. You must also have no mortgage late payments for your current mortgage.

To see if you have a Fannie Mae loan click here.
To see if you have a Freddie Mac Loan click here.

Many homeowners today see the great rates available but have not refinanced because they are worried about the value of their home. Many hard hit areas around the country have seen home values drop by as much as 100% or more.

This program was designed to help homeowners refinance their home even if the market value for their home has dropped significantly.

To see if you qualify for the HARP 2.0 program call our experts today at 610.265.2500!


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