As of 2015, in order to qualify for the Home Affordable Refinance Program, either Freddie Mac or Fannie Mae must own the home loan, according to HARP.gov. In addition, the current loan-to-value ratio must exceed 80 percent.
The home loan must have originated on or before May 31, 2009, notes HARP.gov. A mortgage may only qualify for refinancing through the Home Affordable Refinance Program one time. The only exception is if it is a refinanced Fannie Mae loan from March to May 2009, explains the U.S. Departments of Treasury & Housing and Urban Development.
The applicant must have a good mortgage payment history at the time of the application, with no payments over 30 days late within the previous six months and not more than one within the previous 12 months, states HARP.gov. Finally, the applicant must use the property as the primary residence, a one unit second home or a one-to-four unit investment property.
Additional information about the Home Affordable Refinance Program is available online at Makinghomeaffordable.com. As of 2015, the Home Affordable Refinance Program is available through December 2016.
Additional eligibility requirements for Fannie Mae mortgage clients is available at Knowyouroptions.com. Freddie Mac clients may find additional information at FreddieMac.com.