Home Affordable Refinance Program (HARP)

What is HARP?

HARP is a federal government program designed to help 5 million "upside-down" or nearly "upside-down" homeowners refinance into a fixed loan with a lower monthly payment.  "Upside-down" refers to mortgages with negative equity; meaning the mortgage balance is greater than the current value of the home.  Fannie Mae and Freddie Mac owned mortgages with a loan-to-value ratio of over 80% qualify for HARP.

The following criteria must be met to qualify for the Home Affordable Refinance Program:

  • A HARP refinance only applies to Fannie Mae or Freddie Mac mortgages
  • The loans must have closed prior to June 1st, 2009 to be eligible for HARP
  • The homeowner must be able to afford the new lower payment
  • The current mortgage must be up-to-date with no late payments in the past twelve months
  • Payments on the new loan must be more affordable or more stable than on the existing loan
  • The maximum loan-to-value cap has been removed on home owners looking to refinance into a fixed rate mortgage
  • For home owners looking to refinance into an adjustable rate mortgage the maximum loan-to-value is set at 105%

Can I refinance my mortgage through Meijer Credit Union?

Meijer Credit Union is able to refinance Fannie Mae & Freddie Mac mortgages through HARP.  To determine if you mortgage is owned by Fannie Mae please visit the Fannie Mae loan look up website; for Freddie Mac verification please visit the Freddie Mac loan look up website. If you have any questions or to learn if you qualify for HARP, please call our loan department at (800) 962-6378 opt. 3. 

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Equal Housing LenderNational Credit Union Administration
NCUA - Your savings federally insured to at least $250,000 and backed by the full faith and credit of the United States Government. National Credit Union Administration, a U.S. Government agency. Equal Housing Lender - We do business in accordance with the Fair Housing Law and Equal Opportunity Credit Act
2410 Gaynor Ave. NW • Grand Rapids • MI
Phone (616) 784-4822
Phone (800) 962-6378
Routing 272480872

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