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What is HARP?


The acronym: H.A.R.P. stands for Home Affordable Refinance Program. This program was designed specifically to help borrowers who may not be eligible for standard refinancing due to a lack of equity. The HARP program is not a modification of existing loan terms, rather it is a refinance in which your current mortgage is paid off and replaced with a new one at a better interest rate. It can also be used to replace an adjustable rate loan with a new fixed rate mortgage or to reduce the length of the loan term.


Income qualification is required under the HARP program but in many cases you are able to refinance without an appraisal. In cases where an appraisal is required, you may still qualify for the program even if the appraised value is less than the amount owed on your mortgage. The HARP program covers property types including a primary residence, investment property and second home. The HARP program does not allow for the refinance of a second mortgage. It can only be used to refinance an existing first mortgage loan.


You may be eligible for HARP if:

  • You are “current” on your mortgage payments (“current” means you have not been 30 days or more late in the last six months and you were not more than one time 30 days late in the six-month period prior to the last six months)
  • Your home value has decreased
  • You have limited equity or your first mortgage exceeds the current market value of the home (i.e., your loan-to-value ratio must be > 80% to be eligible)
  • Your loan is owned or guaranteed by Fannie Mae or Freddie Mac
  • Your loan was acquired by Fannie Mae or Freddie Mac on or before May 31, 2009

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NMLS #2225 Mark Auger

NMLS #151940

GA Branch License #151937

Acceptance Capital Mortgage Corporation, Mortgage Lender, Atlanta, GA