Definition
Home Affordable Refinance Program allowing underwater homeowners to refinance at lower rates without appraisal or equity.
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HARP enabled homeowners owing more than property value to refinance at lower rates. Waived appraisal and equity requirements. Available for Fannie Mae and Freddie Mac loans. Reduced payments and improved affordability. Refinancing prevented foreclosure for many. Program helped millions refinance. Low interest rates made program attractive. Program requirements were relaxed over time to reach more borrowers. Program concluded in 2018 but benefited millions during crisis period.
Pro Tip
Review HARP concepts for understanding past underwater homeowner assistance.
Example
HARP enabled an underwater homeowner to refinance at lower rate without appraisal.