Home Affordable Refinance Program (HARP)

The Home Affordable Refinance Program (HARP) was a U.S. government initiative designed to help homeowners refinance their mortgages, especially those with little or no equity due to falling home values. Launched in 2009, HARP aimed to reduce monthly payments and stabilize housing markets post-financial crisis. It allowed borrowers to access lower interest rates without the usual refinancing barriers. To qualify, homeowners needed to be current on their mortgage payments and have loans backed by Fannie Mae or Freddie Mac. HARP ended in 2018, but it significantly aided many in keeping their homes affordable.