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  • What Is HARP?
The Home Affordable Refinance Program  was started in April 2009.  Also called Making the Home Affordable
Program. HARP was designed to help homeowners who otherwise wouldn't qualify refinance to a lower rate and
make their payments more affordable. There is now a new revised program called  
HARP 2 that offers even more
advantages to homeowners whose mortgages are underwater.

In order to be eligible for the President Obama HARP refinance program :

  1. Your loan must be backed by Fannie Mae or Freddie Mac.
  2. Your current mortgage must have been obtained prior to June 1, 2009
  3. You must be current in your monthly mortgage payments.
  4. You may not have used the HARP mortgage program before ( only one HARP refinance per mortgage is
  5. There are no minimum or maximum income limits.
  6. No minimum FICO score required but borrower must qualify  based on customary underwriting standards.

  • How do I know if Fannie Mae or Freddie Mac has my mortgage?
We can help out obtaining that info. Just provide us with the address of the property and other info needed and we will
find out for you. There are also some websites where  you can look it up yourself.

  • My mortgage is held by Fannie/Freddie. What's the next step?
Contact  your lender and schedule an appointment to fill out the application.

  • What if neither Fannie Mae nor Freddie Mac has a record of my mortgage?
If neither Fannie nor Freddie has record of your mortgage, your loan is not HARP-eligible. However, you may still be
eligible for a different type of refinance to lower your monthly payment. Please contact your lender to see your
possible refinance options.

  • Am I eligible for the Home Affordable Refinance Program if I'm behind on my mortgage?
No. You must be current on your mortgage to refinance via HARP.

  • Should I worry about my income level to be eligible for a HARP refinance?
No, that's one of the best points of this programs.  No income qualification is required unless the new principal +
interest payment increases by more than 20%. If the new payment increases by less than 20%, or falls, there is no
need to consider your income for this program. Notice: that this may differ from lender to lender, so it's always wise to
consult your mortgage professional about this requirement.

  • Will the Home Affordable Refinance Program help me avoid foreclosure?
The HARP program was created  to give homeowners who are current on their mortgages, and who have lost home
equity, a chance to refinance at today's low mortgage rates If you are having budget problems you may sooner or later
face a foreclosure. By lowering your payment, you will have payments that are more accesible to you, therefore in a
way you can say it may
prevent  you from a possible default. Although, you should know that the Home Affordable
Refinance Program is not designed to delay or stop a foreclosure procedure once it's been initiated.

  • Is there a loan-to-value restriction for HARP?
The good news is that regardless of how far underwater your home is, you are  eligible for the HARP program.
Contact your lender to start your application today.     No matter how much underwater you are, there are no equity
restrictions for fixed rates with this program. Homeowners in Florida, California, Arizona and Nevada can take
advantage of it.  The only time HARP program is limited to 105% loan-to-value is when you use a variable (ARM) rate.
Fixed rate loans get the unlimited loan-to-value treatment. * Remember, rules change all the time, it's always best to
consult your lender for any change on this

  • Will my home require an appraisal with the HARP program?
The lenders will run  an "automated valuation model" (AVM) instead of a regular appraisal.

  • I have an FHA mortgage. Can I use the HARP 2.0 program?
No, you cannot use the HARP 2.0 program for an FHA loan. If your current mortgage is backed by the FHA, and your
home is underwater, use the FHA Streamline Refinance program instead. Other types of mortgages you may have
that DO NOT qualify for HARP 2 refinance are  USDA loans, VA loans or Ginnie Mae programs.

  • Do I have to HARP refinance with my current mortgage lender?
No, you can do a HARP refinance with any participating mortgage lender.

  • Can I do a cash-out refinances with HARP?
No, the HARP mortgage program doesn't allow cash out refinance. You can only get a new rate and term loan.

  • Can I refinance a second/vacation home, condominium or investment property with HARP?
Yes, you can refinance an second/vacation  or investment property with HARP, even if the home was once your
primary residence. The loan must meet the program eligibility standards.

  • Can I consolidate two or more mortgages with a HARP refinance?
No, you cannot consolidate multiple mortgages with the HARP refinance program. It's for first liens only. All
subordinate/junior liens must be re-subordinated to the new first mortgage. Just be sure to mention your second
mortgage at the time of application so your lender knows to order the subordination for you.

  • What should I do if my current bank is not setup for HARP and I want to refinance?
If your current bank is not setup for HARP, we'll find you a new lender. HARP is available through any participating
bank (and there are a lot of them).
Contact your lender for more help.

  • Are there  closing costs with a HARP refinance?
Yes, there are regular closing costs, like any other refinance and sometimes the mortgage balances can be
increased to cover this costs as long as your loan do not  exceed the local conforming loan limits. There are also
ways to help you reduce your closing costs. Consult your lender for more details.

  • What bank should I use to get a HARP refinance?
You can do a HARP refinance with any HARP-participating lender like FundRite Mortgage.
Call me for more info. (909)477-1515

Please don't wait until the last minute, this program is for a limited time.  Contact your lender for more details today.


* Terms may vary from lender to lender. This program is subject to expiration or changes
at any time. Information provided here is deemed reliable but you must consult your lender
for current program rules.
*HARP 2 Refinance Program
Eligibility Requirements
All information here
is deemed reliable and
accurate but can change
at any time.
Contact your lender
at (909)477-1515 or
by email at
for current program rules
and for info on other
types of refinancing that
may help you
lower your monthly

Information courtesy of your
local lender
For a limited time, if you're underwater on your conforming, conventional mortgage,
you may be eligible to refinance at current low rates and without having to pay mortgage
insurance. It's a good idea to take action before this program expires.
Text or call
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HARP Program
has been
extended through
December 2018
This site is Not affiliated with HUD, FHA, VA, FNMA or GNMA. Our purpose is to provide you with information for the
mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage holder
or your loan servicer.
government program.
HARP is real!
The savings are real!
This is one program
that is
so fantastic  that it
seems too good to be
But it really works!
Carmen Gutierrez
Real Estate & Mortgage Professional with
One West Realty & FundRite Mortgage
NMLS# 371488  - B.R.E. Lic.# 01193488