Liberty Mortgage – Residential Loans

4415 West Harrison Ave,  Hillside, IL 60162   Unit #326
Phone: 773-677-6460 Email: NMLS # 1807234
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Harp Loans

When you have little equity in your home, or owe as much or  more

on your mortgage than your home is worth, it can be difficult to find

a lender willing  to help you refinance. But for borrowers who have

 remained current on their mortgages,  and have  loans owned by

Fannie Mae or Freddie Mac, there is hope. It’s called HARP.


Introduced in March 2009, HARP enables borrowers with little or no

equity to refinance into more affordable mortgages without new or

additional mortgage insurance.

HARP targets borrowers with loan-to-value (LTV) ratios equal to or greater than 80 percent and who

have limited delinquencies over the 12 months prior to refinancing.


Significant changes have been made to HARP since the program was first introduced. For example, in 2011

the LTV ceiling was removed, property appraisal requirements were waived in certain circumstances,

certain risk fees for borrowers selecting shorter amortization terms were eliminated, and certain

representations and warranties were waived. In 2013, the eligibility date was changed from the date the

loan was acquired by Fannie Mae or Freddie Mac to the date on the note, increasing the pool of eligible



Through HARP, you can get a lower interest rate (which means less out-of-pocket costs each month),

get a shorter loan term, or change from an adjustable to fixed-rate mortgage. There’s no minimum

credit score needed, either. And now that HARP guidelines are simpler, even people who were formerly


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