HARP Mortgage


What is a HARP Refinance?

HARP is an acronym for the Home Affordable Refinance Program. HARP is part of a group of programs under the Federal Government’s Making Home Affordable Program. HARP will expire on December 31, 2016. It was created in response to the 2007 housing crash to assist underwater property owners to take advantage of low market interest rates and refinance out of Adjustable Mortgage Rate Loan Programs and into Fixed Rate. Under HARP you may be able to refinance your property even if you do not have any equity in the property (your mortgage principal balance is higher than the current market value of your property).

Do I qualify for HARP?

First and foremost, in order to qualify for HARP your loan MUST be backed by Fannie Mae or Freddie Mac and it must have been transferred to Fannie or Freddie before May 31, 2009. Most people will not know if the underlying holder of the promissory note on your mortgage is Fannie Mae or Freddie Mac. Please call duPont Mortgage and we will quickly screen your property for this initial eligibility test.


The second qualifying factor is that you MUST be current on your mortgage. If you are behind on your monthly mortgage payments, or you have been behind on your payments in the last six months, you cannot qualify for HARP.

HARP is designed to help those property owners who have kept their mortgage current but are unable to refinance due to negative equity. HARP qualifying properties include your primary residence, a one unit second home, or a 1-4 unit investment property. After you meet the criteria above then a HARP refinance very closely resembles a traditional refinance. Contact duPont Mortgage and we can ascertain your eligibility for HARP and all other programs that may fit your needs.