HARP, which was announced October 24, is the federal Home Affordable Refinance Program. It is the only refinance program that allows borrowers who owe more than their home is worth to take advantage of low interest rates to refinance. To qualify, homeowners cannot have more than 20 percent equity in their home, must be current on their mortgage payments with no late payments in the past six months and no more than one late payment in the past 12 months.
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