The HARP 2.0 program was created by the Federal Housing Finance Agency in March 2009 to assist homeowners in financing their mortgage even if they owe more than their homes current value. There are two separate programs under the HARP 2.0; One is from Fannie Mae’s called Home Affordable Refinance and the other from Freddie Mac called Relief Refinance Mortgage or Open Access”. The purpose of these refinancing programs is to place responsible borrowers in a better position by reducing their interest rate, reducing their monthly payment, reducing the term or moving them from an adjustable-rate to a fixed-rate mortgage all without adding new mortgage insurance.
In order to be eligible for the Home Affordable Refinance program, your loan must be owned by Fannie Mae or Freddie Mac. You might be paying another company each month but if your loan is OWNED by either of these investors you could qualify. Your current loan must have been originated before June 1, 2009. If you have had a modification you could still qualify!