Even if you owe more than your home is worth, the Home Affordable Refinance Program could help you refinance to a lower rate.
If this loan will be secured by your principal dwelling and the extension of credit exceeds the fair market value of the home, the interest portion of the credit extension that is greater than the fair market value is not tax deductible for federal income tax purposes. You should consult a tax advisor for further information regarding the deductibility of interest and charges.
The Home Affordable Refinance Program (HARP) is a government-backed program that could lower your interest rate and reduce your monthly mortgage payment.
You may qualify for HARP if all of the following apply to you:
NOTE: Use these criteria for guidance only. Contact your mortgage company to find out if you qualify for a HARP refinance mortgage.
Find out if your mortgage is owned by Fannie Mae or Freddie Mac by calling your lender or looking up your loan here:
If you do have a Fannie Mae or Freddie Mac mortgage, ask your lender about a HARP refinance mortgage. Have the following information ready to help speed up the process: