HARP FAQs

How do I know if I have a Fannie Mae or a Freddie Mac loan?
Go to Loan Look Up for contact information for Fannie Mae and Freddie Mac. You can call or fill out an online request form to find out if Fannie Mae or Freddie Mac owns or guarantees your loan.

How do I know if I am eligible?
Eligible loans include those where the first mortgage (including any refinancing costs) does not exceed 125 percent of the current market value of the home. For example, if your home is worth $200,000 but you owe $250,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.

I have both a first and second mortgage. Do I still qualify to refinance under the program?
You may only refinance your first mortgage. If that mortgage is less than 125 percent of the value of the property, you may qualify.

Your eligibility will depend on whether you are able to make the new payments on the first mortgage. The lender on your second mortgage must agree to remain in the second position.

Will refinancing lower my payments?
Generally yes. If your mortgage interest rate is higher than the current market rate you should see an immediate reduction in your payments. If you’re existing mortgage requires you to pay interest only and no principal, or if you are currently paying only a low introductory (or “teaser”) rate results will vary.