Home Affordable Refinance Program


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Home Affordable Refinance Program

A federal program in the United States allowing persons who are underwater on their home mortgages to refinance. Eligibility for HARP includes homeowners whose mortgages are owned by Freddie Mac or Fannie Mae and who are current on their payments. Additionally, the value of the mortgage cannot exceed 125% of the value of the home.
References in periodicals archive ?
Corr noted that Home Affordable Refinance Program (HARP) loans for high-loan-to-value (high-LTV) mortgages continued their resurgence in the August data.
Additionally, the Home Affordable Refinance Program aims to help four to five million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac who are current on their mortgages to refinance into more affordable monthly payments.
The December data on Home Affordable Refinance Program (HARP) volume released on March 13 by the Federal Housing Finance Agency (FHFA) showed a sharp drop in December volume compared with November's HARP production.
30, 2013, refinance share of mortgage activity is at 79% of total applications and the Home Affordable Refinance Program (HARP) share of refinance applications is at 26%.
paragraph] Through the Home Affordable Refinance Program (HARP) programs, recent announcements for non-government-sponsored enterprise (non-GSE) loans that are underwater and the Federal Reserve's actions, the government is attempting to ensure that as many homeowners as possible have the opportunity to refinance and take advantage of historically low interest rates.
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