The Home Affordable Refinance Program (HARP) or Making Homes Affordable (MHA) is available to 4 – 5 million homeowners with a stable repayment history on any mortgages with Fannie Mae or Freddie Mac. In the past, borrowers would be unable to refinance their homes because of lost value that would push their existing loan-to-value ratios over the line of 80%. However, the Home Affordable Refinance program enables many homeowners who were previously ineligible to take advantage of a refinance an adjustable rate mortgage or to grab one of the currently low interest rates that are out there. They can then breathe a little easier, with a stable mortgage rate that does not fluctuate and they can move into a 30-year fixed rate note.
Here is more information on the “Help for America’s Homeowners” program: http://makinghomeaffordable.gov/index.html