HARP Program Eligibility Calculator

Use this quick calculator to determine if you may be eligible to refinance through the Home Affordable Refinance Program (HARP).

Question 1

Sorry, you're likely not eligible for a HARP refinance

      Correct!

      Incorrect!

      Results

      Good News! Based on your answers, you may qualify for a HARP refinance.
      Next Steps:
      • Contact your mortgage servicer (the company who manages your mortgage) to see if they are participating in HARP.
      • You may also contact other lenders that participate in HARP to see if you can refinance through them. See a list of participating lenders and their HARP-specific contact information below:
        • Bank of America: 1-800-846-2222
        • Wells Fargo: 1-877-937-9357
        • Chase: 1-800-848-9136 for current accounts but 1-800-873-6577, for new refinance or purchase
        • Citi: For servicing your existing CitiMortgage account: 1-800-283-7918 or For a New Mortgage or Refinance: 1-800-248-4638
        • US Bank: 1-866-932-0462
      • See how much you can save by refinancing into a mortgage at today's rate. Make sure to try out different loan programs. Use this refinance calculator to see if you can shorten the term of your loan and pay less each month.
      • For answers to commonly asked questions, visit our HARP FAQ.

      HARP Mortgage Refinance Program

      What is the Home Affordable Refinance Program (HARP)?

      Announced in March 2009, HARP is a federal government program designed to help 5 million underwater or near-underwater homeowners refinance into a fixed loan with a lower monthly payment. However, as of Aug. 31, only 894,000 borrowers have refinanced through HARP. On Oct. 24, 2011, President Obama announced an overhaul to the HARP program with the intent of reaching more underwater homeowners. The expanded HARP program - also referred to as HARP 2.0 - will take effect on December 1, 2011 for borrowers with a loan-to-value ratio of less than 125 percent and in the first quarter of 2012 for borrowers with a loan-to-value ratio of greater than 125 percent.

      Why didn't the original version of the HARP program work?

      The original version of HARP had many roadblocks that made it difficult for homeowners to refinance. For example, the program only assisted those with mortgages with a loan-to-value ratio between 80 percent and 125 percent, but in many hard-hit housing markets across the country, homes have lost more than 50 percent in value making those homeowners ineligible for the program. Read more about why so few homeowners have been helped by the program.

      How will the HARP program change?

      Some of the major changes to the HARP program include:
      • No underwater limits
        Borrowers will now be able to refinance regardless of how far their homes have fallen in value. Previous loan-to-value limits were set at 125 percent.
      • Eliminating appraisals and underwriting
        Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
      • Modified fees
        Certain risk-based fees for borrowers who refi into shorter-term loans will either be eliminated or modified.
      • Extended deadline
        The end date to get a HARP refinance has been extended to Dec. 31, 2013.

      How do I find out who holds my mortgage?

      To be eligible for the HARP program, your mortgage must be held by either Fannie Mae or Freddie Mac. To "look up" your mortgage, check Fannie Mae. If you can't find your mortgage there, check Freddie Mac.

      How do I know if I am eligible for HARP?

      You can find out if you are eligible for HARP by using the HARP Eligibility Calculator located at the top of the page.