Home Affordable Refinance Program
The Obama administration’s program designed to help underwater homeowners refinance their mortgages into more affordable loans. The program was revised in 2012 and is sometimes referred to now as HARP 2.0. Among the qualifications: Borrowers can’t be behind on mortgage payments and can’t have been late on a payment more than once in the previous year. The mortgage must have been purchased or guaranteed by Freddie Mac or Fannie Mae as of May 31, 2009.