Understanding loan modifications

What is the Home Affordable Refinance Program (HARP)?

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HARP is part of a federal program called the Making Home Affordable Initiative. HARP works by removing PMI fees from your mortgage payment.

To qualify for a loan modification under HARP, you must meet the following requirements:

  • Your loan is owned or guaranteed by Fannie Mae or Freddie Mac
  • Your loan was sold to Fannie Mae or Freddie Mac on or before May 31, 2009
  • You’ve never refinanced this mortgage under HARP before (with the exception of a Fannie Mae loan refinanced between March and May 2009)
  • You are current on the mortgage and have not been more than 30 days late in the past six months and have been 30 days late only once in the past 12 months.
  • The home is a primary residence, a 1-unit second home or a 1-4 unit investment property

HARP is just one of many refinance programs. Just because your mortgage doesn’t meet the five criteria above, doesn’t mean you don’t qualify for a different type of loan modification.

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