HARP stands for the Home Affordable Refinance Program. A HARP loan provides a refinancing option intended for people who are able to stay current on mortgage payments but are in a financially adverse situation with their mortgage as a whole and owe the current value of their home or more.
The Federal Housing Finance Agency implemented HARP in 2009. The benefits that a HARP loan has to offer include getting a lower interest rate, changing from an adjustable-rate mortgage to a fixed-rate mortgage or decreasing the loan term. There is no minimum credit score requirement in the eligibility criteria for a HARP loan.