The Home Affordable Refinance Program or the HARP is a federal loan program that was developed by the Federal Housing Finance Agency. The HARP refinance program was developed in March with the goal to assist underwater homeowners refinance their mortgage to a lower rate. The program is specifically for homeowners that are current on their mortgage payments, but are unable to refinance due to the drop in home prices during the recent housing crisis.

In 2006, the U.S. housing bubble burst, which left many homeowners unable to refinance. As inventories rose, the value of homes decreased. This left many homeowners owing more on their home than it was currently worth.

Introduced in 2009, the HARP refinance was designed to help homeowners who owed more than their home was worth to refinance into a new affordable mortgage rate. The government broadened refinancing guidelines in November 2011 in order to make more homeowners eligible. Even those who did not qualify in the past might be eligible with today's HARP:

HARP Refinance Limits Loosened:

• The "ceiling" requirement that homeowners owe no more than 125 percent of their home's worth was eliminated
• Some fees were eliminated
• The deadline for refinancing was moved to December 31, 2013

Qualification Requirements:

• Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac
• You do not have an FHA, VA or USDA loan
• The current loan-to-value (LTV) ratio on your mortgage must be greater than 80 percent
• No missed mortgage payments in the past six months
• No more than one missed mortgage payment in the past 12 months

If in the past you have been unable to refinance because the value of your home has declined, you may be eligible to refinance through HARP. Call 888-733-4224 to see if you qualify for a Orange County HARP refinance loan and get a personalized rate quote.

Don't miss this once in a lifetime opportunity as the HARP refinance is scheduled to end on December 31st. 2013! Request a quote today!