HARP (Home Affordable Refinance Program)

The Home Affordable Refinance Program (HARP) was a U.S. government initiative designed to help homeowners refinance their mortgages, particularly those whose property values dropped due to economic downturns. Launched in 2009, it aimed to assist borrowers who were underwater (owing more than their home’s worth) by offering access to better loan terms without requiring substantial equity. HARP allowed homeowners to secure lower interest rates, reducing monthly payments and financial strain. The program ended in 2018 but provided relief to many struggling homeowners during its operation.