HARP
What was HARP?
The Home Affordable Refinance Program®, or HARP, ended on December 31, 2018.
HARP was a government refinance program enacted after the 2008 financial crisis. The program was designed to help certain borrowers whose home values were lower than the amount they owed on their mortgage.
The program was created to assist borrowers who demonstrated an acceptable payment history on their Fannie Mae or Freddie Mac mortgage loan, but may not have been able to refinance to obtain a lower payment or move to a more stable product because they did not have sufficient equity in their home.
Under HARP, certain borrowers whose mortgages were originated before May 29, 2009 were able to refinance their mortgage into a more affordable one.
The program ended in 2018.
With HARP gone, what options are available now?
Despite HARP no longer being available, there are several refinance options available for today’s borrowers that may enable them to lower their interest rate and/or monthly mortgage payment.
New American Funding offers a number of refinance programs that may offer financial benefits for some borrowers.
Contact a New American Funding mortgage professional for more information about refinancing.