Almost HARP 3.0: Cut-off Dates Adjusted for Home Affordable Refi’s

MortgagePorter-HARP2Fannie Mae and Freddie Mac have announced they will start using the Note date to determine if a mortgage qualifies for a HARP refinance in order to make things more transparent for borrowers. Both Fannie and Freddie are standing firm with the date of May 31, 2009. At least the NOTE date is something a borrower can find instead of using the date Fannie Mae or Freddie Mac securitized the mortgage (which the borrower has no control over).

Click here to read my complete HARP guide.

This is good news for borrowers who have qualified for a HARP refinance and who closed prior to June 1, 2009 but were denied the refi because of when Fannie Mae or Freddie Mac securitized the mortgage.

From Freddie Mac:

To make our eligibility requirements more transparent to borrowers, effective October 27, 2013, we will use the note date of the mortgage being refinanced, instead of the Freddie Mac settlement date, to determine eligibility for our Freddie Mac Relief Refinance MortgagesSM offering.

As a result of this change, the mortgage being refinanced must have a note date on or before May 31, 2009. This revised requirement applies to both Relief Refinance Mortgages – Same Servicer and Relief Refinance Mortgages – Open Access, including those originated under the Home Affordable Refinance Program (HARP). Loan Prospector® and the Freddie Mac Loan Look-Up Tool will be updated by October 27, 2013, to support this change.

The Single-Family Seller/Servicer Guide (Guide) will be updated to reflect this revised eligibility requirement with an upcoming Guide Bulletin.

HARP refinances are available for primary/owner occupied homes, investment property and vacation/second homes as long as the mortgage being refinanced was securitized by Fannie Mae or Freddie Mac with a NOTE date prior to June 1, 2009.  The NOTE is the document that is signed at escrow with the Deed of Trust. It’s safe to assume that if your conforming (Fannie Mae or Freddie Mac) mortgage closed prior to June 1, 2009, that IS eligible for a HARP refinance.  The previous cut-off date, which was based on securitization, did not provide that assumption.

HARP refinances often do not require an appraisal and allow for expanded loan to values (negative equity).

If you would like me to help you with a Home Affordable HARP refi, or any mortgage needs, for homes located anywhere in Washington state, click here.



  1. Cool, they’re now back to operating at glacial speed! I’m glad the government is functioning normally again. 😉

    • I literally laughed out loud at your comment – so true.

      This should have been addressed more than a year ago. Now, it’s all but pointless. So many clients were on the border of eligibility and had to be turned away when rates were crazy low. Now, it wouldn’t make financial sense for most of them.

  2. Is HARP 3.0 forthcoming? what’s the status

  3. When is Fannie going to update their database? Mine still says it was sold to Fannie after June 1, 2009.

  4. What about us with non Fannie / Freddie loans? Any relief for us on the horizon?

    • Hi Mark, not that I’m aware of… unless home values improve in your area.

      • Isn’t HARP 3.0 supposed to expand to non-Freddie/Fannie loans?

        • Since HARP 3 is not out yet – I don’t know if it will include non-Fannie/Freddie loans. When/if HARP 3 becomes available, I will be posting more info here. Thanks, Jeremy

          • I am so discouraged. I bought my home in 2007 at the height of the market. I clearly did not know that the economy was about to collapse and paid 100,000.000 or 200,000.00 over the current value of the home.I put 20% down. I refinanced in october 2009 with an FHA loan. I believe I was taken advantagae of again because the cost of the new loan and the devalued assessment put me under 20% down and now I am saddled with 5 years of PMI, I am now 77% paid off but they tell me I have to go the whole 5 years. This random date of May 2009 makes those of us who don’t meet the magic date suffer while our neighbors are walking away from their homes

          • I wish the date didn’t exist as well, Meridth. Why did you refi in 2009 w/an FHA loan vs HARP? What is your current rate with your FHA loan? If you’re at 77% loan to value, you may want to consider refinancing to a conventional and have the rate priced with rebate to reduce your cost (assuming you plan on retaining your home). Good luck.

  5. My loan date (refinance) was June 11, 2011. Never missed a payment, never late. Is there any hope with HARP 3 for me?

    • We don’t know since HARP 3 is not available yet. Perhaps when the new head of the FHFA takes control, we may see some new changes. When and if HARP 3 becomes available, I will write about it on this blog.

  6. My FHA loan was 2010..3.875% 30yr fixed rate…any options for refi or HARP3??

    • Hi Luc,
      If you have an FHA loan, your mortgage would not be eligible for HARP (that’s only for conforming Fannie/Freddie mortgages). The good news with an FHA loan is that you may be eligible for a FHA streamline refi that is similar to a HARP refi.

      Whether or not it makes sense to refi will depend on how much you are currently paying in mortgage insurance and principal/interest.

      If your home is located in Washington state, I’m happy to help you.

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