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what is a harp loan and who qualifies

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 · Your mortgage must be owned by Fannie Mae or Freddie Mac.Other types of loans do not qualify for HARP. You can look up your loan online to see if it is held by Fannie Mae or Freddie Mac by going to the loan lookup tools on the Making Home Affordable website.; Your loan must have originated prior to June 1, 2009.

HARP offered relief to people who couldn't qualify for conventional refinance loans. After the housing bubble burst, many homeowners saw.

The Home Affordability Refinance program (harp loan) was started by the U.S. Government in 2009 to help out homeowners who had very little or no equity in their homes. Even people whose homes are underwater – meaning they owe more on their mortgage than their home is actually worth – can refinance through HARP.

If you qualify, contact one or more lenders who participate in the HARP program and apply for a loan to refinance your mortgage. You can find a list of more than 40 mortgage companies that accept new.

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What is a HARP Loan? HARP stands for Homeowners Assistance Refinance Program. It is a federal refinance program that allows homeowners who owe more on their loan than their house is worth to refinance. Refinancing your home is difficult when you don’t have enough equity in your house.

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Other homeowners used HARP to convert their adjustable rate mortgage (also referred to as an ARM-Loan) into a more predictable, fixed-loan program (e.g. 30-year fixed mortgage). They could also refinance for a shorter-term loan, which could help them build home equity at a faster pace.

There are five basic requirements you must meet to qualify for a HARP loan. The first is your loan must be a Freddie Mac or Fannie Mae loan. These are both Government Sponsored Enterprises (GSEs). If you’re unsure of the organization that owns your loan, check with your mortgage company.

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 · Whipping up a buzz for money-saving mortgage refinances – To qualify for HARP, your mortgage had to have originated on or before May 31, 2009. The loan has to be owned by Freddie Mac or Fannie Mae. The loan has to be owned by Freddie Mac or Fannie Mae.