If you’re not behind  on your mortgage payments but have been unable to get traditional refinancing  because the value of your home has declined, you may be eligible to refinance  through  Home  Affordable Refinance Program (HARP). HARP is designed to help  you get a new, more affordable, more stable mortgage. Here are the   steps to see if you are eligible for the HARP program.

Ensure Fannie or Freddie backs your mortgage

To check if your  mortgage is backed by Fannie Mae, visit http://www.fanniemae.com/loanlookup/.  If your mortgage is not found, try Freddie Mac’s loan lookup at https://ww3.freddiemac.com/corporate/. Mortgages not listed on either website are not backed by Fannie or Freddie and,  therefore, are not HARP-eligible.


Determine if your mortgage is old enough

mortgage must have started in mid-May 2009 or earlier. You can find your  mortgage start date by looking at your closing paperwork. In the  upper-right-hand corner of your settlement is your “funding  date”–that’s the date you’re looking for.

Does your current  mortgage have LPMI?

HARP 2.0 is designed to help homeowners with or without private mortgage insurance  (PMI), but  the government’s revisions specifically excludes homeowners that chose  lender-paid mortgage insurance

You must be current

HARP 2.0 requires that all homeowners have made their last six mortgage  payments on time, with a maximum of one 30-day late payment in the past year.

Find and organize your  supporting paperwork

Since HARP mortgages are underwritten like every other type of mortgage, you  will be required to provide bank statements, a drivers license, homeowners  insurance information, pay stubs and W-2s. If you’re self-employed, you’ll have  to provide a few years of tax returns to verify your income.


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