201-403-0738 info@jfcfunding.com

Blog

HARP FAQ

HARP FAQ

Answers to commonly asked questions.

Q:What does HARP stand for?

A: Home Affordable Refinance Program

Q:When was the program introduced?

A: 2009

Q:When is it scheduled to end?

A: 12/31/2015

Q: What is the goal of the program?

A: Help borrowers with little or no equity to refinance to lower mortgage liability

Q: Does Fannie Mae or Freddie Mac have to own my loan in order to be eligible for a “HARP” refinance?

A: Yes, loan needs to be owned by Fannie Mae and Freddie Mac where note date is on or before May 31st 2009

Q: Where can I find out whether or not my loan is owned by Fannie Mae or Freddie Mac?

A: http://knowyouroptions.com/loanlookup, http://freddiemac.com/my mortgage

Q: Can you add or remove borrowers?

A: Yes, as long as one of the borrowers remains on the loan

Q: I owe more than my home is worth. If I meet other guidelines, can I still refinance?

A: Yes, as long as borrower meets other program requirements