Home Affordable Refinance Plan

The home affordable refinance program can be used to refinance a mortgage secured by a primary residence second home or investment property.

Home affordable refinance plan. The home affordable refinance program harp is a federal program of the united states set up by the federal housing finance agency in march 2009 to help underwater and near underwater homeowners refinance their mortgages unlike the home affordable modification program hamp which assists homeowners who are in danger of foreclosure this program benefits homeowners whose mortgage payments. Benefits of the home affordable refinance plan. The program ran until december 31 2018 and helped more than 3 4 million people score a lower rate on refinanced mortgages essentially keeping them in their homes and keeping the american dream alive. As a response to the housing crisis the federal government created the home affordable refinance program harp for short.

The main conditions for the program are that the mortgage must be owned or guaranteed by freddie mac or fannie mae can t be a non conforming loan and sold to borrowers before may 31 2009 this borrower was the most seriously hurt by the financial crisis that gripped the country during the mid. Some of the most notable benefits of this program include. Home affordable refinance program harp. The home affordable refinance plan offers a number of benefits to borrowers.

The home affordable refinance program was designed for a very specific borrower from the start.