Good news is that the government owns or insures three out of every five home loans. If you purchased or refinanced your home prior to May 31st, 2009 you may be eligible for HARP provided that either Fannie Mae or Freddie Mac owns the loan on your home. One of the most telling signs, however, is when you’ve purchased a home or when you last refinanced. The Home Affordable Refinance Program has strict criteria for those who qualify and those who do not.

In fact, most traditional lender guidelines have been changed or removed entirely, to allow for a more streamlined process from start to finish.

You might have heard about HARP, (Oftentimes called the Obama Loan) but what is it, and can you reap the benefits? HARP, or the Home Affordable Refinance Program, is a government program designed to help borrowers who otherwise would not be able to obtain a home refinance loan under conventional guidelines.