Last Updated on July 27, 2026 by mwyckoff
HARP Has Ended: What Refinance Options May Be Available Now?
The Home Affordable Refinance Program, commonly known as HARP, was created after the housing crisis to help certain homeowners refinance mortgages owned or guaranteed by Fannie Mae or Freddie Mac when they had little or no home equity.
HARP ended on December 31, 2018, and is no longer available.
This article originally announced the arrival of HARP loans. It has been updated because homeowners seeking refinance options in Sarasota and Bradenton must now qualify under current mortgage programs and underwriting requirements.
Are Other Refinance Options Available?
Possibly. The fact that HARP ended does not necessarily mean refinancing is unavailable.
Eligibility for a current refinance may depend on:
- The type of existing mortgage
- Current property value
- Mortgage balance
- Available home equity
- Payment history
- Credit profile
- Income and employment
- Property type and occupancy
- Current mortgage-program requirements
A homeowner with limited equity should not automatically assume that refinancing is impossible. However, eligibility must be evaluated under current requirements rather than the former HARP rules.
What Could a Refinance Accomplish?
Depending on the homeowner’s circumstances, refinancing may be considered to:
- Reduce the interest rate
- Lower the monthly principal-and-interest payment
- Replace an adjustable-rate mortgage
- Change the length of the mortgage term
- Remove or change certain mortgage-insurance obligations
- Consolidate qualifying mortgage debt
Qualifying for a refinance does not automatically mean that refinancing is financially beneficial.
Homeowners should compare:
- Interest rate
- Annual percentage rate
- Closing costs
- Discount points
- Monthly payment
- Mortgage insurance
- New loan term
- Break-even period
- Expected length of ownership
A lower monthly payment may result from extending the loan over a longer period, which could increase the total amount of interest paid.
What Information Is Needed?
To review possible refinance options, begin by gathering:
- Your most recent mortgage statement
- An approximate property value
- Current income information
- Estimated credit information
- Details about any second mortgage or home-equity loan
- Your reason for considering a refinance
A mortgage professional can use this information to determine whether a current refinance option appears available and whether it may accomplish your financial objective.
Homeowners who owe more than their property is worth should also review our separate guide concerning options when a mortgage is higher than the home’s value.
Contact Pioneer Mortgage Funding
Pioneer Mortgage Funding serves homeowners and homebuyers in Sarasota, Bradenton and surrounding Southwest Florida communities.
For help reviewing current mortgage refinance options, contact:
Michael D. Wyckoff
Pioneer Mortgage Funding
Telephone: 941-795-7525
Email: mike@goldkeymtg.com
Mortgage programs and requirements are subject to change. All loans are subject to application, underwriting, credit approval, property approval and applicable program requirements. Pioneer Mortgage Funding does not guarantee approval, savings, a particular interest rate or specific loan terms.