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Home Affordable Refinance Program (HARP)

If traditional home refinancing hasn't worked for you, even though you've been keeping up with your mortgage payments, you may be eligible for refinancing through a HARP loan. US Mortgages offers HARP mortgages throughout. Learn more about the HARP loan, when the program terminates, who qualifies and how to get started applying for a HARP loan below.

What is a HARP Mortgage?

HARP loans refer to the Home Affordable Refinance Program, administered by the Federal Housing Finance Agency. The HARP program began in 2009 as a way for people with LTV above 80% to refinance without paying for private mortgage insurance. Refinancing with a HARP loan can make your mortgage more manageable, and bring increased financial stability to your life. Beyond avoiding paying high prices for costly mortgage insurance, HARP loans offer homeowners capped closing costs, and in many cases, no appraisal requirement. If you're one of millions of homeowners whose mortgage payments are becoming unmanageable, a HARP loan may help you avoid stress, debt, or even foreclosure.

When can you get HARP loans?

When the HARP program was first conceived, it was scheduled to end on December 31, 2016. However, the Federal Housing Agency extended the program to September 2017. The last time the Home Affordable Refinance Program will be available is September 2017, barring an extension from the current administration. If you're interested in cashing in on these hugely beneficial loans, it would be wise to see if you qualify today!

Who qualifies for Colorado HARP loans?

Even for homeowners who haven't qualified for more traditional refinancing in the past, the HARP loan program is designed to help. To be eligible, the value of the property must have fallen since it was purchased. Additionally, the homeowner must be underwater on their loan. Federal regulations of the program require that the mortgage must have been acquired by Fannie Mae or Freddie Mac before May 31, 2009. The homeowner seeking a HARP loan must be current on their mortgage payments with no more than one late payment in the last 12 months. Most importantly, a HARP mortgage is available only when it benefits the homeowner, just like all loans done by US Mortgages.

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