Think You Missed Out on HARP? Here’s What You Might Qualify for Now
If you've ever typed "HARP refinance" into a search engine and gotten nothing but broken links, you're not alone. The Home Affordable Refinance Program (HARP) ran out in 2018—but many homeowners are asking themselves if they let their chance get away.
The silver lining? Just because HARP mortgage financing isn’t available anymore doesn't mean you're without a lifeline. In fact, depending on your case, you may be qualified for programs with similar benefits today—sometimes with added flexibility.
Here's what you need to know.
What Was HARP All About?
HARP was established after the housing bust of 2008 so people who own homes could refinance their home loans, whether they were underwater or not. It provided homeowners with an escape from underwater mortgages without having to pay for private mortgage insurance or possessing perfect credit.
The program shut down because it worked. Millions refinanced, stabilized, and moved on. Demand for HARP-like solutions never really went away—especially with today's volatility in interest rates and equity movement.
HARP Might Be Over, But the Dream Is Not
If you missed HARP, don't panic. You're not alone. And fortunate for you, the mortgage scene didn't remain static. A number of other programs emerged in recent years to take its place—aiming at homeowners who still require relief, flexibility, or a second chance.
Others are supported by government agencies. Still, others can be found through traditional lenders with wider eligibility requirements. The secret is where to find them—and how to pose the correct questions.
Programs That Might Work for You Today
These are some refinance options that might be worth exploring if you were originally a good fit for HARP mortgage financing:
1. High LTV Refinance Option (Fannie Mae)
This is probably the best alternative to HARP. It's for borrowers with good payment history but low equity—high loan-to-value.
2. Freddie Mac Enhanced Relief Refinance
Similar to the Fannie option, this initiative helps underwater borrowers who have been making payments on time to refinance to better terms.
3. FHA Streamline Refinance
If your existing loan is FHA-insured, this might enable you to refinance with minimal documentation—without even an appraisal.
4. VA IRRRL (Interest Rate Reduction Refinance Loan)
VA loan homeowners generally can refinance with less paperwork and for lower costs.
All these options differ in what you require, but the principle is the same: it streamlines how you lower your payments, refinance to a better interest rate, or level your mortgage—even when you have low equity.
Not Underwater Anymore? You Might Still Gain
Here's something that everyone misses: even though you're out of the water, refinancing might still be a good idea. Perhaps your credit has improved. Perhaps you'd prefer to move from an adjustable to a fixed rate. Or perhaps you simply want to lower your monthly payment to free up some cash.
Regardless, don't assume HARP was your best option. Markets fluctuate. So do lending options. You might be in better position today than you think.
Talk to a Real Person Instead of a Calculator
Internet-based mortgage calculators are useful but incomplete. Every refinance comes with variables—credit, value of home, debt-to-income, and what a lender might want.
What’s the best solution? Consult someone who actually understands this space. Ask them to tell you about non-traditional refinance opportunities. Ask them to describe lenders that seek out beyond surface-level data. A proper discussion about alternatives for HARP mortgage financing can unlock prospects you didn't even know existed.
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We are a group of property mortgage brokers. We also write information content from time to time on various complicated aspects of securing loans for prospective homebuyers and buyers of commercial properties.