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Albert Einstein once said, “if you can’t explain it to a six year old, you don’t understand it yourself“.  And since Al seems to know what he’s talking about, we’re stripping down HARP to its bare bones:

What is HARP?

Good question.  The Home Affordability Refinance Program (HARP) is a government-run program designed to help Home Owners who have not been able to refinance to a lower rate.  Rates have dropped dramatically over the past few years, but many Borrowers haven’t been able to take advantage of the savings under a traditional mortgage product because their property value has also declined.  The good news is: rates have declined.  The bad news is: so has the value of many home properties.

Since there are millions of Americans who could not refinance, the Government decided to take action and help.  And with that, HARP was born.

Who is Eligible?

It’s actually pretty simple.  To be eligible for the HARP program, you must meet the following criteria:

  1. Your mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae*
  2. Your mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009
  3. Your mortgage cannot have been refinanced under HARP previously (unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009)
  4. Your current loan-to-value (LTV)** ratio must be greater than 80%
  5. You must be current on your mortgage at the time of the refinance, with a good payment history in the past 12 months

*It’s easy to find out if your mortgage is a Fannie or Freddie loan.  Simply go to and input your information.

**What does LTV mean?  Glad you asked.  LTV= the relationship between the principal balance of the mortgage and the appraised value of the property. For example, a $100,000 home with an $80,000 mortgage has an LTV of 80 percent.

Can Peoples Bank Help Me Obtain a HARP Loan?

Yes!  We love HARP loans.  We’ve helped thousands of Guests already.  Give us a call, email, or get started today.






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