Applications Closing February 2024


Homeowners are advised to take advantage of a new Mortgage Stimulus Program before it’s gone. This is likely to be the largest benefit program American homeowners have seen.

This Stimulus Program is aimed to help average American citizens and stimulate the economy. Utilizing this new service could get homeowners $271 /mo* or $3,252* per year!

Banks do not want homeowners to know about these programs as they can greatly lower mortgage payments through this simple Government-backed solution.

We recommend checking your eligibility as soon as possible before deadlines are announced or requirements are changed.

To see if you live in an active zip code, just click below.


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* – Based on Median Home Equity of Americans aged 45 to 54 of $70,000 (U.S. Census Bureau)

Table of Contents

Harp Government Program (Is There a Replacement?)

What is the HARP Government Program?

To understand the HARP Government Program with a brief overview of the program and eligibility criteria for the HARP program, this section will provide you with the necessary information to qualify for this program. Learn about the benefits of the HARP program in order to determine if you meet the eligibility criteria for this program.

A brief overview of the program

This government program, “HARP”, is to help homeowners who owe more than their house is worth. It lets those eligible refinance their mortgages, even with little or no equity in their homes. It was launched in 2009 and has helped many with bad credit restructure their loans.

Benefits include lower monthly payments and interest rates. It also helps avoid foreclosure by keeping up with mortgage payments.

Uniquely, it doesn’t need a minimum credit score or appraisal value. Plus, it allows borrowers to add closing costs to the loan amount, making it more affordable.

Are you struggling? See if your lender participates in the program. A housing counselor or financial advisor can help assess eligibility and guide you through the process. With HARP, you can save money and keep your home.

Eligibility criteria for the HARP program

The HARP Program can help homeowners with negative equity. To qualify, borrowers need a Fannie Mae or Freddie Mac loan made before June 2009 and must have kept up with payments in the last six months. The loan can’t be more than 125% of the current property value.

However, if you already refinanced under HARP, you’re not eligible – unless it was a Fannie Mae loan done between March and May 2009. Plus, you can’t have any missed payments within six months of applying.

Pro Tip: Check your eligibility with a participating lender. Getting lower mortgage payments is easy with HARP—like a bungee jump without the risk!

Benefits of the HARP Government Program

To benefit from the HARP Government Program, explore the advantages it has to offer. Lower monthly mortgage payments, reduced interest rates, removal of private mortgage insurance (PMI), and increased home equity are all benefits that come with the program.

Lower monthly mortgage payments

HARP (Home Affordable Refinance Program) is a government program that can help homeowners reduce their monthly mortgage payments. Eligible borrowers can refinance their mortgages at lower interest rates, leading to cost savings. Even if the mortgage exceeds the current value of the home, the HARP program still allows refinancing. Plus, borrowers can choose between fixed-rate or adjustable-rate mortgages.

Since its introduction in 2009, HARP has helped countless American homeowners. It aims to provide relief to those affected by the 2008 economic recession. Ultimately, this program gives homeowners a chance to enjoy lower interest rates and lower monthly payments.

Reduced interest rates

Say goodbye to PMI and hello to extra cash in your pocket, thanks to the HARP government program! It offers remarkable reductions in interest rates, which can save you hundreds or even thousands of dollars every year.

For those who are having trouble making ends meet, HARP is a great option. It’s easier to get approved than other refinance programs, as it doesn’t require a minimum credit score or appraisal.

Take, for example, this true story: A family in Tennessee was barely making ends meet. After learning about HARP, they refinanced and reduced their interest rate by several percentage points. This saved them over $300 per month – allowing them to pay off other debts and improve their financial situation.

Removal of private mortgage insurance (PMI)

The HARP Government Program offers a significant benefit – removal of Private Mortgage Insurance (PMI). This means lower monthly mortgage payments, giving you more cash to save or invest elsewhere. PMI is usually necessary for those who put down less than 20% of the home’s value. HARP lets you refinance up to 125% of your home’s market value, no PMI required!

It’s a win-win for homeowners – get a better interest rate and cut out extra payments. Plus, once your loan balance drops below 80% of your home’s current value, you won’t have to worry about PMI anymore.

While other programs may claim to remove PMI, few are as reliable as HARP. It’s been helping people save money for years, and refinancing comes with strict guidelines.

In short, getting rid of PMI isn’t easy, but HARP can help you become eligible to do so, and also potentially lower your payments further in the long run.

Increased home equity

Maximize your home equity and build wealth by using the HARP Government Program! Refinancing your mortgage through this program gives you access to low interest rates and lower monthly payments. Not only do you get smoother repayment, but you also increase your property value. Make investments in your house now that will add to its resale value and your satisfaction. Don’t miss out on this amazing opportunity – get started with the HARP Government Program today!

Ready to apply? Here’s your guide to navigating the application process:

How to apply for the HARP Government Program

To successfully apply for the HARP Government Program, you need to understand the steps involved along with the required documentation. This section will guide you through the process of the HARP program application with the solutions present in the sub-sections which include required documentation, steps to apply for the HARP program, and tips for completing a successful HARP program application.

Required documentation for the application

If you’re applying for the HARP government program, you’ll need to submit some documents. Here are 6 must-haves:

  • Proof of income – recent pay stubs and tax returns.
  • Mortgage statement – loan amount and monthly payment.
  • Verification of mortgage payments – proof of timely payments in the last 6 months.
  • Property insurance – current insurance for your property.
  • ID verification – passport, driver’s license or government ID.
  • Residency status verification – for immigrants in the U.S.

Additional documents may be needed, depending on circumstances. All docs must be current and accurate.

To maximize your chances of success, get the documents early and review them. Not providing proper docs could lead to delay or disqualification. Ready to take the plunge? Here’s what you need to do for the HARP program.

Steps to apply for the HARP program

Applying for Home Affordable Refinance Program (HARP) involves steps to help homeowners. Here is how to access it.

  1. Check if Eligible: See if your mortgage is backed by Fannie Mae or Freddie Mac and was originated before June 1, 2009.
  2. Contact Lenders: Reach out to lenders offering HARP like banks, credit unions or mortgage companies.
  3. Fill Application: Submit loan information with income proof and property value estimates.
  4. Underwriting Process: Once approved, your application goes through an underwriting process before the loan is approved.

Note: HARP’s deadline is December 31, 2018, but wait too long and miss lower interest rates. Requirements include no late payments beyond 30 days in past 6 months and no more than one 30-day delinquent payment in the last year.

A homeowner shared his experience with HARP. He had low credit score and trouble paying bills. HARP allowed him to refinance at attractive rates, saving almost $200 per month.

Getting approved for HARP is easier than convincing your ex. Here are some tips to do it.

Tips for a successful HARP program application

6 Tips to increase your odds of success when applying for the HARP program:

  1. Check eligibility in the HARP guidelines.
  2. Gather documents, such as income verification and mortgage statements.
  3. Shop around among lenders that participate in the HARP program.
  4. Don’t give up if one lender denies you; keep trying.
  5. Stay on top of paperwork and progress.
  6. Be patient – application can take several months.

Moreover, some lenders may need extra documents and have certain criteria for acceptance. Knowing these requirements can speed up the application process.

Pro Tip: Read all terms and conditions before signing agreements with lenders. Get your HARP questions answered – no need to rely on your neighbor’s ‘expertise’ from a quick Google search.

Frequently asked questions about the HARP Government Program

To answer common queries regarding the HARP Government Program, this section provides insightful information about who is eligible, how much one can save, and the impact on credit scores. Get clarity on each sub-section to make an informed decision about whether this program is the right solution for your unique financial situation.

Who is eligible for the HARP program?

Do you qualify for the HARP Government Program? You must meet certain criteria to be eligible. The mortgage must have been originated before May 31st, 2009 and must be owned or guaranteed by either Freddie Mac or Fannie Mae. Also, you cannot have used the HARP program before and must make payments on time.

In addition, your mortgage must be worth more than the home. Your loan-to-value (LTV) ratio must be greater than 80%. This is when the amount owed on the mortgage is at least 80% of the home’s appraised value.

No minimum credit score is required but lenders may have their own standards. If you do not qualify for HARP, consider FHA Streamline Refinancing or VA Interest Rate Reduction Refinance Loan (IRRRL). Talk to a lender to decide which option is best for you.

Gather all documents beforehand such as pay stubs, tax returns, bank statements and mortgage statements. This will improve your chances of being accepted and speed up the application process. Make the HARP program work for you and avoid becoming a money pit!

How much can I save with the HARP program?

The HARP program could save you a bunch of money. It depends on your mortgage rate and balance. Refinancing through HARP may lower your payments or shorten your mortgage term. If you have an adjustable-rate mortgage, it could help you get a fixed-rate mortgage.

Your savings depend on credit score, debt-to-income ratio, and eligibility. It’s important to calculate what you’d save before applying. Use online calculators or talk to a financial advisor for advice.

If you’re considering HARP, shop around and compare rates from multiple lenders. Get quotes and pick the best one.

Finally, pay extra towards principal every month if you can. It’ll reduce interest costs and pay off your mortgage faster.

Will my credit score be affected by the HARP program?

The HARP Government Program won’t affect your credit score. It’s designed to help homeowners refinance underwater mortgages, without credit checks. It’s based on payment history and the borrower’s ability to pay.

But, it won’t improve your credit score either. Refinancing can lead to a hard inquiry which can lower your credit score.

If considering refinancing under HARP, speak to a trusted lender. They can provide information to help you make decisions.

Pro Tip: Refinancing under HARP could be a great opportunity for eligible homeowners struggling financially, but wanting to keep their homes. Consider all factors before deciding. Deciding whether to use HARP is like choosing between root canal and colonoscopy!

Conclusion- Is the HARP Government Program the right fit for you?

The HARP Government Program might help homeowners with their finances. But is it the right choice for you? To figure this out, consider factors such as eligibility and loan status. Before you decide, explore all the options.

Other government programs may offer different solutions if you don’t qualify for HARP. Look for tools online to learn about government programs and their requirements.

Remember, HARP has a good track record in helping people refinance their homes. It was created during the housing crisis, and since then it has helped millions of Americans.

Frequently Asked Questions

1. What is the Harp Government Program?

The Harp Government Program is a government initiative launched to help homeowners refinance their mortgages, even those who are underwater or have low equity in their homes.

2. Who is eligible for the Harp Government Program?

To be eligible for the Harp Government Program, you must have a mortgage that is owned or guaranteed by Fannie Mae or Freddie Mac, you must be current on your mortgage payments, and your loan must have been originated on or before May 31, 2009.

3. How does the Harp Government Program work?

The Harp Government Program allows qualified homeowners to refinance their mortgages with lower interest rates, and the possibility of reducing their monthly mortgage payments. This program is designed to help homeowners who might not be able to refinance due to lack of equity in their homes or other factors.

4. What are the benefits of the Harp Government Program?

The benefits of the Harp Government Program include lower interest rates, reduced monthly mortgage payments, and the ability to refinance even if you have less than 20 percent equity in your home.

5. How long does the Harp Government Program last?

The Harp Government Program was set to expire on December 31, 2018, but it has been extended through December 31, 2020. However, it is important to note that not all lenders participate in the program, so it is important to check with your lender to see if they offer it.

6. How do I apply for the Harp Government Program?

You can apply for the Harp Government Program by contacting your mortgage lender or a participating lender. They will evaluate your eligibility and guide you through the application process.

Jeremy Toronto

Jeremy Toronto

Jeremy has working in the mortgage industry since 2013. Really loves to research and give advice to new homeowers when it comes to one of your biggest purchases (your home!) As a property investor and having took the test NMLS has a unique insight into refinancing and getting a mortgage for new homeowners. When not working I like to hike, fish and collect insects (I know wierd right?).

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