HARP was a federal refinance program created after the 2008 housing downturn to help homeowners whose mortgages were owned by Fannie Mae or Freddie Mac refinance even when they owed more than their home was worth (an “underwater” mortgage). It allowed unlimited loan-to-value ratios and, for many borrowers, no new appraisal — something conventional refinancing didn’t otherwise permit at the time.
Michigan home values have recovered substantially since HARP was active, and most homeowners today have equity rather than being underwater. If you're looking to lower your rate or payment now, a standard rate-and-term refinance is the modern equivalent — and if you need cash from your equity, a cash-out refinance may fit.
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What replaced HARP
Fannie Mae and Freddie Mac have since introduced high-LTV refinance options for borrowers with little equity who are current on their mortgage. Talk with a licensed Michigan loan officer about whether a high-LTV refinance, a conventional rate-and-term refinance, or an FHA or VA refinance option fits your situation.
For more information on refinancing your Michigan mortgage today, call 800-555-2098 or apply online.
Historical HARP eligibility (program closed)
For reference, HARP's general eligibility guidelines while the program was active were:
- Your loan was originated before June 1, 2009.
- The total loan amount was under $729,750.
- You could prove and document your income.
- The home could be your primary residence, second home, or investment property.
- You owed more than 80% of your home's value (LTV).
- Your mortgage was held by Fannie Mae or Freddie Mac.
HARP was created after the 2008 housing downturn — commonly known as the “President Obama mortgage” or “Making Home Affordable” refinance — to help homeowners whose mortgages were owned by Fannie Mae or Freddie Mac refinance even when they owed more than their home was worth.
Related refinance resources
Looking to refinance in Michigan today?
HARP has ended, but current rate-and-term and cash-out refinance options may still lower your payment. Talk to a licensed Michigan loan officer or apply online.
Apply Now 800-555-2098