What is HARP

Home Affordable Refinance Program

HARP allows underwater mortgage holders to take advantage of low mortgage rates and reduce monthly payment


The Home Affordable Refinance Program (HARP) makes refinance possible for underwater mortgage holders who are current on payments, but not able to qualify for a new interest rate because they owe more than their home is worth. The program was given two year extension from its December 31, 2013 end date, and will now run through the end of 2015. Read more here.


The housing crash caused many homeowners to fall into negative equity positions, which restricted them from refinancing to a more manageable mortgage. To allow owners to take advantage of the low mortgage rates, HARP was introduced by the Federal Housing Finance Agency (FHFA) and the Department of the Treasury in early 2009.


Since creation, HARP has gone through several iterations to make the program as effective as possible. The most recent renewal has extended the program through 2015.

Benefits You’ll Love About HARP Programs

Enjoy down payments as low as 3.5% of the home’s purchase price

Qualify with no maximum income limitation

Qualify for an FHA home loan even without a long credit history

No prepayment penalty

Information on HARP Program

Below, you will find expandable sections that give you information on the HARP Program. If you are ready to apply for a loan, click here and it will take you to our secure online application. If you still have questions, our loan officers are just a phone call away (805.543.LOAN)

Mortgage Eligibility

The existing mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:



Or call us at 805.543.LOAN with any questions!

Borrower Elegibility

To qualify for HARP, the borrow must be:

  1. Able to demonstrate adequate income for mortgage payments and other expenses.
  2. Current on mortgage payments, with no late payment in the past six months and no more than one late payment in the past 12 months.


Other specifications:


  • Cash Out: Not eligible
  • Credit Score: Determined by automated underwriting system
  • Debt-to-income ratio: 45 percent
  • Names on title must remain the same

Articles and Updates

Further Reading (from the Refinance Page)

  • Refinance to reduce or eliminate mortgage insurance (Read more)
  • Cash-out refinance offers homeowners opportunity to make renovations (Read more)
  • VA streamline refinance… the easiest loan on the books (Read more)

Step 1. Get Pre-Approved.

How Does Pre-Approval Work?

Getting pre-approved is as easy as 1-2-3!

1. Create an Account

Creating an account is fast, easy, secure and FREE! Your account enables you to easily modify your loan application and view the status of your loan anytime day or night.

2. Submit Information

When you register for a Loan Center account, you can submit a loan application online and the sensitive information that you provide will be transmitted securely.

3. Get Pre-Approved

Kick your feet up while we crunch the numbers. Pre-approval can be done very quickly if you provide a complete and accurate loan application and supporting documentation.

You have questions? We have answers.
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