The Home Affordable Refinance Program (HARP) is a program designed to help homeowners unable to get traditional financing due to a decline in their home’s value. This program is an official program through the Departments of the Treasury and Housing and Urban Development in partnership with financial institutions which can help homeowners get a new, more affordable mortgage.

Traditionally, refinancing can be an option to lower your rate and payment, but if you are too far “underwater” most places won’t help you. There are several eligibility requirements found on the Making Homes Affordable Program Web site at Some of the requirements include the following:

  • Current loan-to-value over 80%
  • On-time payments in the past 6-months, no more than one 30-day late payment in the past 12-months.
  • Mortgage owned or guaranteed by Freddie Mac or Fannie Mae on or before May 31, 2009

Affinity Plus continues to partner with members to refinance their homes even when they are “underwater.” With recent changes to the HARP program that has been all over the news, more and more people are eligible to refinance than ever before. Check with your mortgage lender to see if they are participating in HARP. Also, check Fannie Mae or Freddie Mac to see if you’re eligible.