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The government’s Home Affordable Refinance Program (HARP) was started in 2009 to enable homeowners to refinance as their properties decreased in value. To be eligible for HARP your existing loan must be backed by either Fannie Mae or Freddie Mac. In addition the note date must have been before June 1st 2009. If your existing loan fits both of these parameters it is likely you can refinance under HARP.

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The main benefit of HARP is flexibility in the loan to value requirements. HARP allows homeowner’s the ability to refinance even if they no longer have equity in their home. If a borrower purchased a property with 20% down prior to June 1st of the 2009, they can refinance without the need for PMI even if they no longer have 20% equity.

A borrower can refinance through HARP with any lender that offers the program. They are not required to go through their current lender. Rates for a HARP Loan are similar to the rates on a standard conforming loan. Speak with one of our Mortgage Analysts today to see if HARP is an option for you. We’re a local, family-owned mortgage firm based in the Washington area and serve the entire state, in addition to the broader Pacific Northwest region including Oregon, Colorado, and Idaho.

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