HARP or Home Affordable Refinance ProgramHome Affordable Refinance Program—was created by the Federal Housing Finance Agency specifically to help homeowners who are current on their mortgage payments, but have little to no equity in their homes, refinance their mortgage – that is, they owe as much or more than their homes are currently worth – are eligible for a HARP refinance. In fact, the deadline to apply for it was recently extended until December 31, 2016.
So, you still have time to apply if you meet all the requirements. Here they are:
Current on mortgage with no 30 day + late payments in the last six months and no more than one in the past 12 months.
It is your primary residence, a 1 unit second home or a 1 to 4 unit investment property.
Your loan is owned by Freddie Mac or Fannie Mae
Your loan originated before 5/31/09*
Your current loan to value ratio must be greater than 80%.
To check loan to value ratio and ownership of loan, use http://www.harp.gov/Eligibility
To get started either contact your mortgage company and see if they are an approved HARP lender or contact a HARP lender. For a list of HARP lenders see http://www.harp.gov/GetStarted
*If your loan was previously modified you may still be able to refinance with HARP as long as your original loan meets the basic eligibility requirements.