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HARP Program Information

HARP Program Information

iTHINK Financial is participating in the Home Affordable Refinance Program (HARP) with loans owned by Fannie Mae only. The Credit Union regularly communicates with Fannie Mae so we will help our Members take advantage of the program. Mortgages owned by Freddie Mac require that you work with a Freddie Mac approved servicer.

If you have a loan owned by Fannie Mae and would like to be considered for this program you must complete an application. We make it easy to apply with our online application at

Program Eligibility Summary:

  • Your mortgage loan must have been purchased by Fannie Mae before May 31, 2009.
  • You cannot have previously refinanced under HARP.
  • You must be current on your mortgage payment and have a good payment history for the previous 12 months.
  • Your current loan amount must be greater than 80% of your home value.

Questions and Answers

Where can I get more information?
More information about the program is available on the government’s website:

Is my mortgage loan owned by Fannie Mae or Freddie Mac?
Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes.

Click on the link(s) below to see if your mortgage is owned by Fannie Mae or Freddie Mac.

Fannie Mae

Freddie Mac

Can I apply for the program now?
 Yes, apply now to see if your mortgage meets Fannie Mae’s requirements. To apply visit

What should I do?
 To be eligible for the program, your mortgage payments have to have been made on time for the previous 12 months, so continue to make your regular payments on time. If your loan is currently owned by Fannie Mae you can complete an application online at

Where can I get an estimate of my home value?

Estimated home values may be available on your county’s property appraiser website. The website can also be used to estimate your current home value.

If my loan qualifies for HARP, can I refinance with a shorter term loan?
Yes, but your debt to income ratio (gross monthly income divided by monthly expenses including your mortgage payment) should be less than 45%.

What are the costs?
The HARP loan qualifies for the same low closing costs available to our Members on a standard refinance.

How is HARP different from a standard refinance?
A standard refinance transaction will allow you to finance up to 95% of your home’s appraised value. With standard refinances, loans that exceed 80% of the value of the home require PMI (Private Mortgage Insurance). PMI payments are in addition to the monthly principal and interest payment. HARP refinances do not have property valuation limits and do not require additional PMI payments. Only loans currently owned by Fannie Mae and Freddie Mac qualify for HARP. In other words, if your house is appraised at $100,000 but you owe $200,000, the HARP loan will allow a no-cash-out refinance of your existing loan to reduce your mortgage payment.

What if I refinance less than 80.01% of my home’s appraised value?
Loans refinanced at less than 80.01% of your home’s appraised value do not qualify for HARP. Refinancing less than 80.01% is considered a standard refinance loan.


HARP 2.0 Refinance Qualification Checklist

Passing our general checklist is not a guarantee of eligibility. You will need to apply to iTHINK Financial before we can determine if your loan is eligible for HARP 2.0.


  • Mortgage balance greater than 80% of current market value
  • Fannie Mae purchased the mortgage loan prior to June 1, 2009. If you don’t know this information, contact your mortgage servicer (where you make your payments).
  • Member has not previously refinanced under HARP 1.0 or 2.0.
  • Monthly mortgage payments have been made on time for most recent six months.
  • Monthly mortgage payments have not been late more than once in most recent 12 months.
  • Properties with home owners associations or located in a condominium association are in good standing with the association.
  • Property taxes are current.
  • Hazard insurance (windstorm and flood if required) coverage is enforce.
  • Mortgage Insurance is typically transferred from your current loan. If your current loan did not have mortgage insurance, it typically will not be required on the new loan.

If your mortgage is not with the Credit Union but is owned by Fannie Mae and qualifies for HARP 2.0, we can refinance your loan too.

Click here to see if your loan is owned by Fannie Mae.


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