What is the Harp 3 program?

The Harp 3 program is a government-sponsored home refinance program designed to help homeowners in danger of defaulting on their mortgages. HARP was introduced in 2009, expanded into HARP 2 in 2012 and further expanded into HARP 3 in 2014. With each expansion, more homeowners qualified for the program.

In order to qualify for HARP 3, a homeowner must meet four criteria. First, the homeowner must have less than 20 percent equity in his home. Next, he must have paid his mortgage on time for the past six months, and he must have a note date no later than May 31, 2009. Finally, the mortgage on the home must be held by either Fannie Mae or Freddie Mac.