If you have low equity, then it’s not a problem to go with refinancing by using this program.

Illustrating The Program

If you have little to no equity in your home, it can be challenging to refinance. The HARP program is here to help you 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 before refinancing.

Through HARP...

You can lower your interest rate (which means less out-of-pocket costs each month)
Get a shorter loan term
Change from an adjustable to a fixed-rate mortgage

When Mortgage Value Is More

For homeowners who owe as much or more on your mortgage than your home is worth, the HARP program gives hope. You can benefit from this program, if you have little or no equity in your home.