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October 23, 2013

HARP 1.0, 2.0, and 3.0 Home Affordable Refinance Program

This loan will enable homeowners who have less than 20% equity in their home to take advantage of the historically low rates without having to pay mortgage insurance. Even if you have negative equity, you can get the same low rate without MI as the person who has 20% equity.

HARP 1.0 allowed you to go up to 125% loan to value, meaning you owe 125% of your home value. HARP 2.0 allows you to go up to unlimited LTV so even 200% would be ok. Secondly your loan has to be secured prior to May 31, 2009 where HARP 1.0 required that Fannie or Freddie acquired the loan prior to May 31, 2009. Some of us acquired our loan prior to May 31, 2009 however Fannie didn't acquire it till the following month.

Updated HARP Eligibility Requirements
The eligibility requirements for HARP are basic :
  1. Your loan must be backed by Fannie Mae or Freddie Mac
  2. Your mortgage note date must be on, or before, May 31, 2009
  3. Your loan must be current, with no "late pays" in the last 6 months

A HARP 3.0 bill is currently in committee in Congress. Fannie Mae and Freddie Mac could wait for its passage, or release additional HARP updates on their own.

As of August 31, 2014 HARP 3.0 has still not been passed.

HARP 3.0 would allow you to take advantage of the product even if Fannie or Freddie do not own the loan. Sign up for alerts by subscribing to this blog to be notified when HARP 3.0 gets passed. Our blog only gets emailed to you on the first of every month, if you want alerts sooner, email Michael Hansen at or call 855-955-SOEZ (7639).