What is HARP?

The Home Affordable Refinance Program (HARP) was established by the Federal Housing Finance Agency (FHFA) under the Obama administration in March of 2009 in response to the housing bubble burst of 2008. At the time, many new homeowners faced having the value of their home drop below the balance of their mortgages, resulting in negative equity, also known as an “underwater” or “upside-down” mortgage. Under these circumstances, homeowners were unable to refinance to lower mortgage rates leaving many in dire financial straits.


HARP was created as a means to aid these borrowers with little or no equity, enabling them to refinance into more affordable mortgages without purchasing new or additional mortgage insurance. With HARP, borrowers have access to lower interest rates, shorter loan terms and are able to refinance from an adjustable to a fixed-rate mortgage.


Since its introduction, HARP has helped over 3.4 million borrowers with underwater mortgages. Additionally, the program has evolved over the years and now features less strict requirements for eligibility.


Global Equity Finance can help you find out whether you are one of many qualified Americans who has not yet taken advantage of all HARP has to offer.

Benefits of HARP


HARP can provide you with significant savings by lowering your monthly payments, reducing interest rates and helping you refinance into a fixed-rate mortgage. Under HARP, many fees and charges, including closing costs are capped making it a highly affordable mortgage option.

Lenient Requirements

Criteria for HARP eligibility is far less stringent than for other mortgages. With no minimum credit score required, you’re more than likely to be approved regardless of your credit history.

Faster Process

Less income verification paperwork and no appraisals or underwriting mean a quicker, smoother refinancing process for homeowners.

No Limit on Negative Equity

No matter how far underwater your current mortgage is, HARP can help you refinance into a more affordable mortgage.

HARP Loan Options:

Eligible Loans Under HARP

HARP can be used to refinance a variety of loans including adjustable-rate and fixed-rate mortgages.

Non-Eligible Loans Under HARP

VA, USDA, FHA and jumbo loans are all ineligible for streamline refinancing under HARP, but there are other programs designed to aid borrowers with these loans.


“Although HARP has assisted millions of homeowners, hundreds of thousands of eligible Americans still haven’t reaped the benefits it can provide. If you have an underwater mortgage, we can show you how to use HARP to get the coverage you deserve.”


NMLS ID #1163627 Sales Manager

VA Fixed Rate Mortgage ​

Perfect for borrowers looking for interest rate stability and affordable payments for the life of the loan. Buy or build a single family home, condo unit in VA-approved development, or manufactured home/lot.

VA Adjustable Rate Mortgage (ARM)

If you expect to receive Permanent Change of Station (PCS) Orders within five years, a 5/1 VA ARM can offer upfront savings and better flexibility for when you relocate.

VA Streamline Refinance (IRRRL)

The VA Interest Rate Reduction Refinance Loan (IRRRL) allows you to refinance your current VA mortgage to a lower interest rate. Streamlined to make refinancing fast and painless, VA does not require verification of income, employment, bank accounts, credit score, or home appraisal.

VA Cash Out Refinance

For homeowners who want to cash-out home equity to use for expenses such as paying off debt, school tuition, or home improvements. This option can also refinance a non-VA loan (such as FHA or USDA) into a VA loan, and finance up to 100% of the property value.


VA loans are an exceptional opportunity for our Veterans because they offer the lowest rates in the nation, there is no down payment, and fees are capped depending on status. We also offer a $1,000 best loan guarantee: no other lender will beat our Veterans loan programs.

Roy Koldaro

V.P. of Lending

HARP Qualifications

Freddie Mac & Fannie Mae: In order to be eligible for HARP, your existing mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. If you’re unsure whether your loan is owned or guaranteed by either, you can use the online lookup tools from Freddie Mac and Fannie Mae.


Date of origin: Only loans that originated on or before May 31, 2009 are eligible under HARP. The above lookup tools can provide you with the date of origin of your existing mortgage.


Loan-to-value ratio (LTV): Loan-to-value ratio is equal to the current balance of your mortgage divided by the current market value of your home. Your LTV must be greater or equal to 80% to qualify for HARP assistance, but there’s no upper limit on how much negative equity you can have.


Payment history: To qualify for HARP, you must be current on your mortgage payments. Additionally, you must have been no more than 30 days late on a payment within the last six months and not over 30 days late more than once in the last year.


Type of residence: To refinance a home under HARP, the residence must be either your main residence, a secondary, single-unit residence or an investment property comprised of no more than four units.

Loan program

Find your mortgage match today!