If you're underwater on your conforming, conventional mortgage, you may be eligible to refinance without paying down principal and without having to pay mortgage insurance.
What is HARP?
HARP was started in April 2009. It goes by several names: the government calls it HARP, as in Home Affordable Refinance Program.
The program is also known as the Making Home Affordable plan, the Obama Refi plan, DU Refi +, and Relief Refinance.
In order to be eligible for the HARP refinance program:
1. Your loan must be backed by Fannie Mae or Freddie Mac.
2. Your current mortgage must have been secured prior to June 1, 2009.
If you meet these two criteria, you may be HARP-eligible. If your mortgage is FHA, USDA, or a jumbo mortgage, you are not HARP-eligible.
To speak with a qualified lender to discuss your options, I can provide you a name upon request.