Released  January 17, 2017
By Megan Greuling

Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup. Current HARP yearly average savings as of December 31, 2014, were $4,130, that is an average monthly savings of $290 a month for consumers who were eligible for HARP. Approximately 34% of consumers shortened their loan term from 30 years to 15 years according to the same report in the Fourth Quarter of 2014. More details can be found at: http://www.freddiemac.com/finance/pdf/RefiReport2015Q1.pdf

General eligibility restrictions apply:

  • Home loans must be backed by the government-sponsored enterprises (GSEs) Fannie Mae or Freddie Mac. Check with Fannie Mae and Freddie Mac before applying.
  • Mortgages must have been sold to GSEs on or before May 31, 2009.
  • Loan-to-value (LTV) ratio must exceed 80% percent (for program participating lenders other than LendingTree Network Lenders)
  • LendingTree participating Network Lenders have Maximum LTV values of 97% to 125%; however speak to the lender(s) in detail regarding this matter to determine your particular circumstances and explore additional opportunities that may be available since the January 2014 rule changes took effect.
  • Mortgages must be current, with no late payments in the past 12 months.
  • The program is set to expire December 31, 2016.
  • Eligibility criteria is provided as guidance only; please speak with a licensed loan officer or a lender in order to determine your actual eligibility.
  • Program may not be available from all Network Lenders and/or you may be better served by another loan product or program.