HARP 2.0 Refinance Loans

Isn’t it Time You Came Up for Air?

FNMA Loan Lookup

Fannie Mae Loan Lookup Tool

Fannie Mae’s Loan Lookup tool helps you quickly determine if Fannie Mae owns your loan—which you’ll need to do before you can: (Refinance, Modify your mortgage, Qualify for foreclosure prevention options, Finance certain home energy improvement projects with a Property Assessed Clean Energy (PACE) loan. If Fannie Mae does own your loan, you may be eligible for programs designed to make your mortgage more affordable—like the Home Affordable Refinance Program (HARP) or the Home Affordable Modification Program (HAMP)—or for other programs available exclusively to Fannie Mae borrowers. Click above to get started.

FHLMC Loan Lookup

Freddie Mac Loan Lookup Tool

To understand the options available for getting help with your mortgage—including the Administration’s Home Affordable Refinance Program® (HARP) and the Home Affordable Modification Program (HAMP®)—it is important for you to know who owns your loan. Using the secured look-up tool above, you can quickly find out if Freddie Mac owns your loan. Please enter your information carefully—a spelling error or other small mistake could cause an inaccurate result. Abbreviations, typos, or including the “Street Type” in the “Street Name” field can also lead to inaccurate results. Home Affordable Refinance Program® and HAMP® are registered trademarks of the U.S. Department of Treasury. 

Home Affordable Refinance Program (HARP)

Even if your home is “underwater” you may be able to refinance and lower your monthly payments!

The Home Affordable Refinance Program (HARP) is a federal government program that enable qualified homeowners with government-back mortgages to refinance at today’s record low rates.

HARP is available through participating lenders, such as those that LOANLYNX is partnered with.  In addition, LOANLYNX is one of the few companies able to offer the HARP program to homeonwers who may have Mortgage Insurance on their existing mortgage.

Introduced in 2009, the program was designed to help homeonwers who owed more than their home was worth to refinance into a new affordable, more stable mortgage.  The federal government broadened refinancing guidelines in November 2011 in order to make more homeowners eligible.  Even those who did not qualify in the past might be eligible with today’s HARP:

Our Home Affordable Refinance Program (HARP) loan is the perfect solution for Borrowers who are “underwater” or owe more on their home than it is worth.

Don’t miss this once in a lifetime opportunity!

More background on H.A.R.P.

The Obama administration developed the Home Affordable Refinance Program (HARP) back in 2009 as a response to the recent collapse of the national housing market.  At that time, homeownership had become increasingly unaffordable for citizens across the country, as foreclosure rates began to skyrocket and borrowers increased lending restrictions.  As a result, more and more people were falling far behind on their monthly mortgage payments or abandoning dreams of owning a home altogether.

By enacting the HARP loan program, the president intended to help a wide swath of borrowers who had found themselves stuck with a mortgage they could no longer afford.  Homeowners with loans from government-secured entitled (GSEs) Freddie Mac and Fannie Mae would be able to potentially refinance their mortgages to loans with significantly lower interest rates.  The program was intended to keep borrowers in their houses, and improve the national economy by helping people restructure their finances.

Underwater on your mortgage? Here’s how HARP can help:

  • Reduce your monthly mortgage payment and interest rate
  • Refinance up to 150% of your home’s value
  • To qualify, you must have a mortgage owned or guaranteed by Fannie Mae or Freddie Mac
  • Your loan must have been sold to them on or before May 31,2009
  • The current loan-to-value ratio on your mortgage must be greater than 80%
  • No late mortgage payments in the past 6 months, or more than one missed within the past year

HARP 2.0 Reloaded. — Didn’t qualify the first time?

The program hit a few initial stumbling blocks.  IN 2009, when President Barack Obama first announced his plan, he estimated the initiative would help between 4 and 5 million homeowners attain lower monthly interest payments. However, up until November 2011, the program had only helped a few hundred thousand borrowers refinance their loans. This meant that the ambitious program was probably not ambitious enough.

Big changes were made when the program was then rebranded HARP 2.0 after the GSEs and President Obama announced that they would be making modifications to the program to help a significantly larger audience participate. The changes announced in November 2011 included removing the 125% loan-to-value (LTV) cap placed on the kinds of mortgages that were previously eligible for a HARP loan. This meant that borrowers who had applied to refinanced their mortgage under the original HARP guidelines, but were rejected, may now qualify.

HARP Restrictions Loosened

  • The “ceiling” requirement that homeowners ow no more than 125 percent of their home’s worth was eliminated
  • Some fees were eliminated
  • The deadline for refinancing was moved to December 31, 2015

An overview of homeowners requirements

  • Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac
  • You do not have an FHA, VA or USDA loan
  • The current loan-to-value ratio on your mortgage must be greater than 80 percent.
  • No missed mortgage payments in the past six months
  • No more than one missed mortgage payment in the past 12 months

Find our if you’re eligible

If you have been unable to refinance because the value of your home has declined, you may be eligible to refinance through HARP.  Call 888-501-5969 to see if you qualify for a HARP refinance loan and get a personalized rate quote.

How long with HARP be around?

At least until the end of 2016, and the government continues to do more. Since the program was enacted in 2009, HARP loan rates have reached all-time average lows repeatedly. This means that many borrowers who have successfully refinanced their loans through HARP have seen their monthly payments slashed significantly. The program is set to expire by December 2016, assuming that much of the problem with the market will have been resolved by that point.

However, the government has continually made strides to increase success in the housing market, meaning programs like HARP will continue to help the economy move forward.  Congress is constantly floating new ideas to stimulate the economy, such as the modifications under HARP 2.0 were. At LOANLYNX, we have experience navigating through these changes and helping homeowners devise plans that can potentially help them get back on their feet.

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HARP Eligibility Map

HARP® Eligibility Map

*Federal Housing Finance Agency (FHFA) uses the following criteria to identify HARP® eligible loans:  Conventional loans originated before 6/1/2009; unpaid principal balance greater than 80 percent of current property value; and meet the payment history requirement of no delinquencies in the prior six months and at most one delinquency in the prior 12 months.  To estimate the HARP-eligible with a refinance incentive population, FHFA applies the following filters to the HARP-eligible loans:  Remaining balance greater than $50,000; remaining term greater than ten years, and note rate 150 basis points (1.5%) above the market rate.

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