#header{ border-bottom:2px solid #eee; }

Do you Regret Buying your Home? HARP can Help!

what is harp program

Disclosure: The information we provide is precise and genuine to make your Every Buck Count. However, some of the links provided belong to our affiliate partners and we get paid for it. For more information please check out our Full Advertising Disclosure.

It’s just not you, almost 70% of the millennials today say that they regret buying their home. Want to know why? Read what CNBC has to say. But the fact will remain unchanged that almost every 4 in 10 millennials say that they have made poor choices when it comes to purchasing their home. Now that you are a homeowner, feeling regretful is not an option. You still have a chance to turn the table by refinancing through HARP.

What is HARP?

HARP a.k.a Home Affordable Refinance Program is a refinance program which helps borrowers with little to no equity to lower their mortgage and enjoy other refinancing benefits. The program which started in 2009 has helped more than 3.3 million U.S household, saving an average $2,400 a year. The main target of the program is the homeowners who are underwater (owe more on their mortgage than their home is worth) or have little equity in their home. HARP can help you lower your mortgage rate, shorten the term of their loan or save thousands in mortgage interest.

How to qualify for HARP

If you want to qualify for HARP, these are the standard criteria you must meet –

  • You have to be regular while paying your mortgage. In the last six months, there shouldn’t be a late payment (not more than 30 days).
  • Your Home must be your primary residence or an investment property.
  • You must have an LTV (Loan-to-value) ratio of more than 80%.
  • Your loan must be owned by Fannie Mae or Freddie Mac on, or prior to May 31, 2009.

If you meet all the criteria, you will be available to enjoy a lower monthly payment or decreased interest rate which is very much helpful, if you are also dealing with student loan or credit card loan.

Over the year HARP program has been revised and revived many a time, according to Federal Housing Finance Agency HARP 2.0 has been initiated and is currently due to expire at the end of 2018. A new policy has been added, making it easier for many of the homeowners to refinance their home.

Here’s what new with HARP 2.0

  • You can refinance with harp even with a second mortgage.
  • You can apply for HARP even when you were turned down previously.
  • HARP can be used for any property, It can be your second home, vacation property or any sort of investment property.
  • You can use HARP even with existing private mortgage insurance.
  • HARP can be used in all 50 states, the District of Columbia, and all U.S. territories.

It’s not too late to apply, a lot can be changed in a few months. Grab the opportunity while you can and if you are not sure, take the HARP quiz to see if you can qualify.


Be an influencer. Share what your voice say and get paid. Get rewarded with gift cards and cashout and change the product of tomorrow.


Recommended Posts

Previous Post Next Post