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Want to explore your options?

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With Rocket Mortgage® by Quicken Loans, our faster, simpler and totally online way to get a mortgage, you can find out which loan option is right for you.

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What was HARP?

The Home Affordable Refinance Program (HARP) was a government program that officially ended on December 31, 2018.

HARP was created to help homeowners refinance a mortgage with a balance that was higher than their home’s market value, often called an underwater mortgage. HARP helped millions get into a more affordable home loan after the housing market crashed in the late 2000s.

Two government-sponsored enterprises, Fannie Mae and Freddie Mac, will be rolling out new programs to offer similar benefits for homeowners.

Call (800) 251-9080 to get in touch with a Home Loan Expert to see what you qualify for.

What else you can do if you’re underwater

If you owe more than the market value on your home, there are more options to consider.

  • Talk to your lender about restructuring your loan. That just means you and your lender agree to lower or delay your payments on your existing mortgage. Be sure to ask what fees apply.
  • Consider a short sale. This would allow you to sell your home at its current market value and have your loan balance forgiven by your lender. The positives are that you’ll avoid a foreclosure and potential big hit on your credit score. Keep in mind that you won’t earn a profit off the sale of your home and it’s up to your lender to decide if you’re eligible.
  • Try to increase your monthly payments to pay down your principal. This will help to reduce your loan balance so that it’s lower than the value of your home. There are no fees involved in this option.