Navy Federal Credit Union
Navy Federal Credit Union

Home Affordable Refinance Program (HARP)

Updated April 16, 2013

If you're a homeowner and owe more than your home is worth, this program gives you the opportunity to refinance into a lower rate and shorter terms so you can pay down your balance faster and possibly lower your monthly payment. It's now easier to qualify because the maximum loan-to-value (LTV) limit for fixed-rate mortgages has been removed. Plus, certain fees for borrowers who refinance into shorter-term mortgages have been eliminated, and fees for other borrowers have been lowered.

You may be eligible for refinancing under the Home Affordable Refinance Program if:

  1. You have not previously refinanced your first mortgage loan under HARP.
  2. Your first mortgage loan on the home is with Navy Federal.
  3. You owe more than the value of your home.
  4. Your first mortgage loan is current with no late payments in the last six months, and no more than one late payment (30 days) in the last 12 months.
    Borrowers who are currently delinquent on their mortgage will not qualify for a refinance. However, they may be eligible for a Home Affordable Modification.

If you are approved for a refinance loan, you will be allowed to finance up to $5,000 or 4% (whichever is less) of the closing costs.

The refinance rate will be based on the market rates in effect at the time of the refinance along with any associated points and fees. Our interest rates vary over time as market rates adjust. Refinanced loans will have no prepayment penalties. You cannot get cash out to pay other debts.

The value of your property will be determined by an appraisal after you apply to refinance. You will be required to pay for the appraisal.

The Home Affordable Refinance Program is available through December 31, 2015.
To find out if you are eligible for this program and to start the process, please complete our self-assessment and application tool. If you have questions, please call 1-888-842-6328 to speak with a mortgage specialist. If you have previously completed the self-assessment and application tool and would like to re-apply for HARP, you must call 1-888-842-6328 to submit a new application.

Don't qualify for HARP?
Check out other mortgage assistance programs.

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