HARP, launched by the Federal Housing Finance Agency (FHFA) in March 2009, aims to assist homeowners who are underwater on their mortgages with refinancing options to obtain more favorable loan terms.
Launched in March 2009 by the Federal Housing Finance Agency, the Home Affordable Refinance Program (HARP) was designed to help underwater and near-underwater homeowners refinance their mortgages. Unlike the Home Affordable Modification Program (HAMP), which assists homeowners at risk of foreclosure, HARP targets homeowners who are current on mortgage payments but cannot refinance due to declining home prices.
