UPDATE (February 28, 2013) : The HARP 2 Refinance program is available to U.S. homeowners as of March 17, 2012. This post has been updated since its original publish date to account for changes to the HARP 2 program guidelines.

If you're underwater on your conforming, conventional mortgage, you may be eligible to refinance without paying down principal and without having to pay mortgage insurance.

Here are the details of the government's new HARP refinance program.

Click here to verify your HARP eligibility.

What Is HARP?

HARP was started in April 2009. It goes by several names. The government calls it HARP, as in Home Affordable Refinance Program.

The program is also known as the Making Home Affordable plan, the Obama Refi plan, DU Refi+, and Relief Refinance.

In order to be eligible for the HARP refinance program :
1.Your loan must be backed by Fannie Mae or Freddie Mac.
2.Your current mortgage must have a securitization date prior to June 1, 2009

If you meet these two criteria, you may be HARP-eligible. If your mortgage is an FHA, USDA or a jumbo mortgage, you are not HARP-eligible.

Underwater FHA mortgages can be refinanced via the FHA Streamline Refinance program. Underwater VA mortgages can be refinanced via the VA IRRRL mortgage program (VA Streamline Refinance).

HARP : Questions and Answers

Do these question-and-answers account for the "new" HARP mortgage program?

Yes, everything you are reading is accurate as of today, . This post includes the latest changes as rolled out by the Federal Home Finance Agency on October 24, 2011, and as confirmed by Fannie Mae and Freddie Mac on November 15, 2011. HARP 2.0 was formally released by Fannie Mae and Freddie Mac March 17, 2012.

Is "HARP" the same thing as the government's "Making Home Affordable" program?

Yes, the names HARP and Making Home Affordable are interchangeable.

How do I know if Fannie Mae or Freddie Mac has my mortgage?

Fannie Mae and Freddie Mac have "lookup" forms on their respective websites. Check Fannie Mae's first because Fannie Mae's market share is larger. If no match is found, then check Freddie Mac. Your loan must appear on one of these two sites to be eligible for HARP.

If my mortgage is held by Fannie Mae or Freddie Mac, am I instantly-eligible for the Home Affordable Refinance Program?

No. There is a series of criteria. Having your mortgage held by Fannie or Freddie is just a pre-qualifier.

My mortgage is held by Fannie/Freddie. Now what do I do?

Find a recent mortgage statement and write "Fannie Mae" or "Freddie Mac" on it -- whichever group backs your home loan -- so you don't forget. Give that information to your lender when you apply for your HARP refinance. Click here to verify your HARP eligibility.

My mortgage is backed by Wells Fargo. Am I eligible for HARP?

It's possible that your mortgage is backed by Wells Fargo, but the more likely answer is that Wells Fargo is just your mortgage servicer; the bank that collects your payments. Wells Fargo backs very few of its own loans. Most loans for which payments are sent to Wells Fargo are backed by either Fannie Mae or Freddie Mac. Double-check with Fannie Mae and Freddie Mac before assuming Wells Fargo backs your loan.

My mortgage is backed by Bank of America. Am I eligible for HARP?

Bank of America does back some of its own loans, but the more likely answer is that Bank of America is your mortgage servicer; the bank that collects your monthly mortgage payments. Bank of America backs very few of its own loans. For most loans for which payments are sent to Bank of America, Fannie Mae or Freddie Mac are the actual loan-backers. Double-check with Fannie Mae and Freddie Mac to make sure Bank of America doesn't hold your loan.

My mortgage is backed by Chase. Am I eligible for HARP?

There is a chance that Chase backs your loan, but what's more likely is that Chase is just your mortgage servicer; the bank that collects your payments each month. Chase backs very few of its own loans. For most loans for which payments are sent to Chase, you'll find that Fannie Mae or Freddie Mac are the actual loan-backers. Double-check with Fannie Mae's and Freddie Mac's websites to make sure your loan is not held by Chase.

My mortgage is backed by CitiMortgage. Am I eligible for HARP?

Your mortgage statement may have the CitiMortgage logo on it, but that doesn't necessarily mean that CitiMortgage back your loans. It's more likely that CitiMortgage is your mortgage servicer; the bank paid to process your payment each month. With most loans for which payments are sent to CitiMortgage, the actual loan-backer is Fannie Mae or Freddie Mac. Double-check with Fannie Mae's and Freddie Mac's websites to see if you can find your loan.

My lender won't do HARP. Can I use HARP with another lender?

Yes. You can do HARP with any participating lender. This is a major change from the original HARP program. The government is trying to get as many people access to the program as possible.

Click here for a HARP rate quote.

My mortgage is serviced by Cenlar. Cenlar doesn't do mortgages. Am I eligible for HARP?

Cenlar is a mortgage servicer. It does not offer new mortgages -- even for HARP. However, that has no bearing on your ability to get a HARP refinance. You can work with any participating lender in the country so reach out to your favorite bank and get started from there. You can also use this form to get a rate quote to see your options.

My mortgage is serviced by Seterus. Seterus doesn't do mortgages. Am I eligible for HARP?

Seterus is a mortgage servicer. It does not offer new mortgages -- even for HARP. However, that has no bearing on your ability to get a HARP refinance. You can work with any participating lender in the country so reach out to your favorite bank and get started from there.

What if neither Fannie Mae nor Freddie Mac has a record of my mortgage?

If neither Fannie nor Freddie has record of your mortgage, your loan is not HARP-eligible. However, you may still be eligible for a "regular" refinance to lower rates. Use this form to get a rate quote to see your options. Or, if your mortgage is insured by the FHA, use the FHA Streamline Refinance program. The FHA Streamline Refinance helps underwater homeowners, too.

I have a jumbo mortgage. Can I use HARP 2.0?

No, HARP 2.0 is not meant for jumbo mortgages. It's for mortgages backed by Fannie Mae or Freddie Mac only. There is talk of a HARP 3 program. HARP 3 would likely include loan types not covered by today's program guidelines. You can read more about HARP 3.

I have an Alt-A mortgage. Can I use HARP 2.0?

No, HARP 2.0 is not meant for Alt-A mortgages. It's for mortgages backed by Fannie Mae or Freddie Mac only. There is talk of a HARP 3 program. HARP 3 would likely include loan types not covered by today's program guidelines.

I have an interest only mortgage. Can I use HARP 2.0?

If your current mortgage is interest only, you may be able to use HARP. If your interest only mortgage is a conforming loan backed by Fannie Mae or Freddie Mac, you should be HARP-eligible. Otherwise, your loan may be an Alt-A or sub-prime mortgage in which case you will not be HARP 2-eligible. There is talk of a HARP 3 program. HARP 3 would likely include loan types not covered by today's program guidelines.

I have a balloon mortgage. Can I use HARP 2.0?

If your current mortgage is a balloon mortgage, you may be able to use HARP. It depends on whether your loan is conforming, and whether it's backed by Fannie Mae or Freddie Mac. If you are not HARP 2-eligible, there is talk of a HARP 3 program and that may help you. HARP 3 would likely include loan types not covered by today's program guidelines.