A Home Affordable Refinance Program (HARP) Loan is intended for the refinance of a home. For approval of this loan, the homeowner’s note must be owned by Freddie Mac or Fannie Mae.
HARP Refinance Loans are available to you even if you owe more on your house than it is worth. It may not require income verification or appraisal in the loan approval process. You can even refinance if your house is under water. The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months.