A refinance program created for
dedicated homeowners like you
Nearly 2.5 million families have taken advantage of low mortgage rates with HARP. Find out how much you could save today.
- Have you always made your mortgage payments on time – no matter your home’s value?
- Do you want to take advantage of today’s low mortgage rates with an easier, streamlined refinance – even if you were denied in the past?
- Is your mortgage owned by Fannie Mae or Freddie Mac? (Unsure? We’ll find out for you!)
If you answered yes to any of these questions, refinancing with the government’s Home Affordable Refinance Program (HARP) may be a great option for you. With today’s extremely low rates, you may be able to lower your monthly payment and save – and possibly even avoid costly PMI.
Why you should choose Quicken Loans
- You’ll learn why we’re a lender you can trust. If you’ve been unsure about the security of refinancing with HARP or other lenders in the past, know this: We genuinely want you to take advantage of the benefits of HARP. The Federal Housing Finance Authority created the HARP program with one goal in mind – to allow responsible homeowners to save money with historically low mortgage rates. That’s exactly what we’ll help you do. You’ll enjoy a hassle-free, transparent experience that’s earned us an A+ rating with the Better Business Bureau.
- You’ll work with Home Loan Experts. We’ve learned a thing or two about mortgages over the past 29 years. In fact, mortgages are all we do! You can bet we’ll make this your simplest, smartest mortgage experience ever – just like we have for nearly 300,000 other HARP clients across the country.
- You’ll close your loan quickly. We work around the clock to help you save money, and we close the majority of our loans in 30 days or less. Talk about speedy!
- You can get updates wherever, whenever. Our exclusive online tools, like MyQL and our mortgage calculator app, let you track and manage your mortgage process from start to finish – all in the palm of your hand. There’s nothing savvier than managing your mortgage on the go!
How HARP works
- HARP is designed to allow responsible homeowners to take advantage of lower mortgage rates and payments, even if you owe as much or more on your home than it’s currently worth. When you refinance with Quicken Loans, you’ll get a government-backed HARP loan with speed and ease – plus our award-winning service! You’ll see there’s no smarter way to start saving on your mortgage.
- With HARP, you could save money as we help you meet your financial objectives. We’ll guide you to the best mortgage decision with confidence, and ensure your goals – like a lower monthly payment or long-term savings – are met. In fact, according to Fannie Mae, HARP clients save an average of $250 a month! That’s money you can put toward the things you really care about – such as your family. Or use it to pay off your home faster. It’s your money and your choice.
- HARP allows you to pick a term that’s perfect for your unique needs. Choose from our lowest available rates with a 5-, 7- or 10-year adjustable rate mortgage (ARM), or opt for any fixed-rate term from 8 to 30 years.
- Even if you’ve been unable to refinance in the past or have a low credit score, you still may be able to save with HARP – and with minimal paperwork or verifications. Closing costs are often lower than you’d expect, and you can even pay off your mortgage at any time – without prepayment penalties. You may not even need an appraisal or new PMI! How much easier can it get?
HARP qualification requirements
- Current mortgage must be owned by Freddie Mac or Fannie Mae.
- Loan must have closed on or before May 31, 2009.
- No late mortgage payments made in the previous 12 months.
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What exactly is HARP?
The Home Affordable Refinance Program (HARP) is a streamlined refinance program launched in 2009 to help homeowners unable to refinance their homes due to a decline in their home’s value. HARP is designed to provide these homeowners with an opportunity to refinance by allowing the transfer of their existing mortgage insurance to their newly refinanced loan. It also allows homeowners without mortgage insurance on their previous loan to refinance without having to get new insurance coverage.
In order to increase use of the program by responsible borrowers, HARP enhancements were added in 2012. The program was scheduled to expire on December 31, 2013, but the FHFA recently decided to extend the deadline to expire on December 31, 2015.
Why did the FHFA extend the deadline?
The Federal Housing Finance Agency (FHFA) decided that extending the program will allow additional borrowers a chance to refinance. It’ll also give clearer, simpler guidelines and reduce losses for Fannie Mae, Freddie Mac and taxpayers.
How many homeowners have been helped by HARP since it began?
As of May 2013, more than 2.6 million borrowers have refinanced through HARP since it started in April 2009. (source: FHFA )
Who is eligible for HARP?
- The loan must be owned or guaranteed by either Fannie Mae or Freddie Mac.
- The cutoff date by which the mortgage must have been sold on or before to Fannie Mae or Freddie Mac is May 31, 2009.
- Current loan-to-value (LTV) ratio (the outstanding mortgage balance divided by the home value) must be greater than 80% and no higher than 200%.
- At the time of refinance, the borrower must be current on their mortgage payments.
- Good payment history – the borrower is allowed one late payment in the past 12 months, as long as it hasn’t occurred in the six months prior to the refinance.
- Mortgage can’t have been refinanced under HARP previously unless it’s a Fannie Mae loan that was refinance with HARP from March 2009 to May 2009.
How can I get a HARP refinance?
Here are some questions to help determine if you’re eligible for a HARP refinance:
- Is your home loan owned or guaranteed by Fannie Mae or Freddie Mac? Submit the information about your property to us and we’ll look it up to see if you’re eligible. We’ll call you to let you know your options.
- Was your loan started before June 1, 2009?
- Are you current on your mortgage payments?
- Did you make all your mortgage payments on time in the last six months, and missed no more than one payment in the last year?
- Do you owe more than your home is worth, or is there minimal equity in your home?
If you responded yes to all of these questions, you might qualify for a refinance through HARP
Note- If you’re struggling to make your mortgage payments, or have lost your source of income, HARP might not be the best option for you. You should consider other options such as a loan modification or unemployment forbearance.
Is there a maximum loan-to-value (LTV) ratio for HARP eligibility?
The Quicken Loans maximum LTV for HARP refinancing is 200% LTV
Is HARP the only refinance program available for borrowers?
HARP is just one of several options available to homeowners who want to refinance. It’s unique in that it’s the only refinance program that allows borrowers who have little- to- no equity in their homes to benefit from low interest rates and other refinancing aids.
Are mortgages on condos and investment properties eligible for refinance with HARP?
How do I determine the current value of my home?
It’s based on the recent sales of other houses close in size to yours, and similar to the quality of the neighborhood.
How do I know if I’ll need a home appraisal? Can I refinance without one?
The FHFA is reorganizing use of AVM (automated valuation model) estimates of properties. Where there’s a reliable AVM estimate of value provided, you won’t need a new appraisal. Where there isn’t a reliable AVM value, you’ll have to get a new appraisal.
What do I need to do to take advantage of HARP?
The first step is to learn if your mortgage is owned or guaranteed by Freddie Mac or Fannie Mae. Submit the information about your property to us, and we’ll look it up for you to see if you’re eligible. We’ll call you to let you know what your options are.
My current servicer/lender can’t help me. Does this mean I don’t qualify for HARP?
Not at all! Your current servicer might have HARP requirements that prevent them from helping you. Look for a HARP lender who is able help you with your current situation.
I put down 20% when I bought my home, but now I have little or no equity left in my home. If I refinance with HARP, do I have to pay mortgage insurance now?
No, you won’t need to pay mortgage insurance. If your current loan doesn’t require PMI, your new loan won’t require it, either.
If I’m current on my mortgage payments, can I refinance under HARP?
Eligible? homeowners who are current on their mortgages but have been unable to take advantage of lower interest rates because their homes have decreased in value may have the opportunity to refinance. You’re allowed to have one late payment in the last 12 months, but you must have been on-time for all payments within the last six months.
Will refinancing lower my payments?
We hope so! The goal of the HARP program is to provide homeowners who have been paying their mortgage the opportunity to get into a new mortgage with better terms. Homeowners whose mortgage interest rates are a lot higher than the current market rate should see a speedy decrease in their payments. The average American has saved an average of $250 a month on their mortgage payments by refinancing with HARP.
HARP Mortgage: To be eligible for HARP: your original note date must be dated on or before 5/31/2009, with a loan-to-value (LTV) equal to or less than 200% of the current market value of your home. You must be current on existing mortgage payments and make sufficient income to support the new mortgage payments. Quicken Loans must be participating with your Mortgage Insurance provider in order for you to qualify. *The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. A tax advisor should be consulted for further information regarding the deductibility of interest and charges.