HARP is gone. It ended on December 31, 2018, according to the Federal Housing Finance Agency. But if you’re in Virginia, Florida, Tennessee, or Georgia and you’ve been searching for the Home Affordable Refinance Program hoping to lower your rate, cut your payment, or access equity without strict LTV requirements, you’re not alone — and you’re not out of options.
The programs that replaced HARP are, in many cases, more powerful. Some require no appraisal. Some require no income verification. One extends to 100% LTV for veterans. And all of them are accessible right now through a wholesale mortgage broker who works across hundreds of lenders simultaneously rather than pricing from a single retail shelf.
This guide covers 7 active refinance strategies that accomplish everything HARP was designed to do. Each section includes real payment math, eligibility requirements, and a clear explanation of how program access works. Whether you’re underwater on a conventional loan, an FHA borrower who locked in a higher rate, or a veteran who hasn’t touched your VA loan in years, there’s a current program built for your situation.
One important note before you start comparing rates: the NoTouch Credit Pull at MortgageRefinanceRates.com is a soft credit pull mortgage option that lets you see real program pricing across multiple lenders without triggering a hard inquiry. Use it before you do anything else. A no credit hit mortgage application protects your score while you shop.
Duane Buziak, NMLS #1110647 | Coast2Coast Mortgage LLC, NMLS #376205
1. Fannie Mae High LTV Refinance Option (HIRO): HARP’s Direct Successor
The Challenge It Solves
Conventional borrowers who are underwater — meaning they owe more than their home is currently worth — have historically been locked out of standard refinancing because lenders won’t approve a loan that exceeds the property’s appraised value. HARP was created to solve exactly this problem. When HARP ended, Fannie Mae replaced it with the High LTV Refinance Option, known as HIRO, specifically for borrowers whose loan balances exceed what their home would appraise for today.
The Strategy Explained
HIRO removes the maximum LTV ceiling that blocks underwater borrowers from conventional refinancing. If Fannie Mae owns your existing loan and it was originated on or after October 1, 2017, you may qualify regardless of how far underwater you are. The program requires a demonstrated net tangible benefit — meaning your new loan must improve your financial position through a lower rate, shorter term, or more stable loan product. You also need a clean payment history with no 30-day late payments in the past six months and no more than one in the past 12 months.
To confirm whether Fannie Mae owns your loan, use the official lookup tool at FannieMae.com. This step takes two minutes and determines your HIRO eligibility before you do anything else.
Implementation Steps
1. Confirm Fannie Mae loan ownership using the official lookup tool at FannieMae.com — HIRO is only available for Fannie-owned loans.
2. Verify your origination date is on or after October 1, 2017 — loans originated before this date do not qualify for HIRO.
3. Pull your payment history and confirm no 30-day lates in the past six months and no more than one in the past 12 months.
4. Contact a wholesale broker who has access to HIRO-eligible lenders — not all retail lenders participate in the program.
5. Use a no credit hit mortgage application to receive rate quotes without a hard inquiry affecting your score.
Pro Tips
A wholesale broker with access to multiple HIRO-eligible lenders can price this program competitively in ways a single retail lender cannot. Retail institutions like Rocket Mortgage price from one rate shelf. A wholesale broker prices across hundreds of lenders simultaneously, creating real competition for your loan. On a $280,000 balance, dropping from 7.25% to 6.375% saves approximately $164 per month in principal and interest. At $4,500 in closing costs, you break even in roughly 27 months.
2. Freddie Mac Enhanced Relief Refinance (FMERR): The Mirror Program for Freddie-Owned Loans
The Challenge It Solves
Not every conventional loan is owned by Fannie Mae. Freddie Mac purchases a substantial share of conventional mortgages, and borrowers with Freddie-owned loans are not eligible for HIRO. For years, this created a gap where underwater Freddie Mac borrowers had no equivalent relief path. FMERR was created to close that gap, giving Freddie-owned loan holders the same high-LTV refinance access that HIRO provides on the Fannie side.
The Strategy Explained
FMERR mirrors HIRO in structure: no maximum LTV ceiling, net tangible benefit required, and payment history standards that parallel the Fannie Mae program. The critical first step is confirming that Freddie Mac actually owns your loan — many borrowers assume GSE ownership without verifying it, which wastes time and creates confusion during the application process. Use the Freddie Mac loan lookup tool to confirm ownership before proceeding.
A wholesale broker who works across both GSE channels can match you to the correct program quickly. This matters because applying through the wrong channel — attempting HIRO when your loan is Freddie-owned, or vice versa — results in an automatic disqualification that delays your refinance by weeks.
Implementation Steps
1. Use the Freddie Mac loan lookup tool at FreddieMac.com to confirm your loan is Freddie-owned before taking any other step.
2. Confirm your current loan meets FMERR seasoning requirements — the loan must have been originated before the program’s eligibility cutoff date, which your broker can verify against current Freddie Mac guidelines.
3. Document your payment history — same standard as HIRO applies: no 30-day lates in the past six months.
4. Work with a wholesale broker who has active relationships with FMERR-participating lenders on the Freddie Mac channel.
5. Request a soft pull mortgage broker quote to see program pricing without a hard inquiry.
Pro Tips
The structural advantage of using a wholesale broker for FMERR is significant: retail lenders like Veterans United or Movement Mortgage price from a single balance sheet. A broker accessing 500-plus wholesale lenders simultaneously can find the most competitive FMERR execution available in the market at that moment. If your loan is Freddie-owned and you’re underwater, this program is your primary path — and broker access is how you get the best pricing within it.
3. FHA Streamline Refinance: No Appraisal, No Income Verification, No Equity Required
The Challenge It Solves
FHA borrowers who are underwater or who have minimal equity are typically blocked from conventional refinancing because a new appraisal would cap their loan at current market value. The FHA Streamline Refinance eliminates this barrier entirely. Because the program is governed by HUD.gov guidelines, your current home value is irrelevant — the program refinances your existing FHA loan balance regardless of what the property would appraise for today.
The Strategy Explained
The FHA Streamline requires no appraisal and no income verification for qualified borrowers. The 210-day seasoning requirement means your existing FHA loan must be at least 210 days old and you must have made at least six on-time payments before you can streamline into a new FHA loan. The program requires a net tangible benefit: typically a 5% reduction in your combined principal, interest, and MIP payment, or a move from an adjustable rate to a fixed rate.
One item borrowers often overlook: FHA MIP (mortgage insurance premium) applies to the new loan. On a streamline refinance, the upfront MIP is reduced to 0.01% of the loan balance — on a $225,000 loan, that’s approximately $22.50. Annual MIP varies based on LTV and loan term. Your broker should factor total MIP cost into the net tangible benefit calculation so you’re comparing complete payment pictures, not just interest rates.
Implementation Steps
1. Confirm your existing loan is FHA-insured — check your original closing disclosure or contact your current servicer.
2. Verify the 210-day seasoning requirement is met and that you have at least six on-time payments on record.
3. Calculate your current combined P&I plus MIP payment and compare it to the projected new payment — the net tangible benefit test requires a meaningful reduction.
4. Use a mortgage pre approval without hard pull to receive FHA Streamline rate quotes from multiple lenders before committing.
5. Work with a wholesale broker who prices FHA Streamline across multiple FHA-approved lenders — pricing varies significantly across the wholesale channel.
Pro Tips
On a $225,000 balance, dropping from 7.5% to 6.5% reduces your principal and interest payment from approximately $1,573 to approximately $1,422 per month — a savings of roughly $151 before MIP adjustment. The FHA Streamline is one of the fastest refinance paths available for existing FHA borrowers, and because no appraisal is required, your underwater position doesn’t penalize you. This is as close to a HARP equivalent as FHA borrowers will find in 2026.
4. VA IRRRL: The Fastest Rate Reduction Path for Veterans
The Challenge It Solves
Veterans with existing VA loans often don’t realize how streamlined their refinance path is. The VA Interest Rate Reduction Refinance Loan — the IRRRL, or VA Streamline — requires no appraisal and no income verification in most cases. For veterans who locked in higher rates in 2022 or 2023 and haven’t refinanced, the IRRRL is the most direct path to payment relief available in the market today. Details are published at VA.gov.
The Strategy Explained
The VA IRRRL refinances an existing VA loan into a new VA loan at a lower rate or more stable loan structure. Because the VA already guaranteed the original loan, the documentation requirements are minimal. The VA funding fee for an IRRRL is 0.5% of the loan balance — on a $310,000 loan, that’s $1,550. This fee can typically be rolled into the new loan balance, meaning no out-of-pocket cost at closing for the funding fee itself.
Separately, the VA cash-out refinance extends to 100% LTV — a program distinction that no conventional alternative matches. Veterans who want to access equity rather than just reduce their rate can use a VA cash-out refinance to pull equity all the way to the full appraised value of the property, not capped at 80% as conventional cash-out refinancing requires.
Implementation Steps
1. Confirm your existing loan is a VA-guaranteed loan — your Certificate of Eligibility (COE) and original loan documents will confirm this.
2. Verify the new rate will be lower than your current rate — the IRRRL requires a net tangible benefit, typically a lower rate or movement from ARM to fixed.
3. Confirm you have made at least six consecutive on-time payments on your existing VA loan.
4. Work with a wholesale broker who prices VA IRRRL across multiple VA-approved lenders — VA loan pricing varies meaningfully across the wholesale channel compared to retail lenders like Veterans United.
5. Use a no hard inquiry mortgage pre approval to compare IRRRL pricing without impacting your credit score.
Pro Tips
On a $310,000 VA loan balance, dropping from 7.0% to 6.125% reduces your principal and interest payment from approximately $2,063 to approximately $1,883 per month — a savings of roughly $180. With a $1,550 VA funding fee, your break-even point is approximately nine months. That’s one of the fastest break-even timelines of any refinance program. Veterans in Virginia, Florida, Tennessee, and Georgia who haven’t refinanced since rates peaked should treat the IRRRL as a priority review item in 2026.
5. Conventional Rate-and-Term Refinance via Wholesale Broker: The Structural Pricing Advantage
The Challenge It Solves
Borrowers with meaningful equity who don’t qualify for HIRO or FMERR — perhaps because their loan was originated before the HIRO eligibility date or because they’re not underwater — still face a common problem: they’re comparing rates across retail lenders who are all pricing from their own single rate shelf. The pricing competition is limited by structure. A wholesale broker solves this by accessing 500-plus lenders simultaneously, creating genuine rate competition that retail institutions cannot replicate.
The Strategy Explained
A conventional rate-and-term refinance replaces your existing mortgage with a new loan at a lower rate, different term, or both — without pulling cash out. For borrowers with at least 20% equity, this is a clean, straightforward transaction. The wholesale broker advantage is structural: Rocket Mortgage, Movement Mortgage, and Veterans United each price from their own balance sheet. A wholesale broker submits your loan profile across hundreds of competing lenders and returns the most competitive pricing available in the market at that moment.
According to the Freddie Mac Primary Mortgage Market Survey, weekly average rates are published every Thursday and reflect national market movement. The difference between wholesale pricing and retail pricing on a conventional rate-and-term refinance is not guaranteed, but the structural access advantage is real and documented — a broker is not limited to one lender’s margin requirements.
Implementation Steps
1. Confirm your current loan type, balance, and estimated home value — this establishes your LTV and determines which conventional programs you’re eligible for.
2. Check whether your loan balance falls within the 2026 FHFA conforming limit of $806,500 (baseline) or $1,249,125 (high-cost area) — loans above these thresholds require jumbo pricing, covered in Strategy 7.
3. Request a soft credit pull mortgage quote from a wholesale broker — this gives you real pricing across multiple lenders without a hard inquiry.
4. Compare the rate quote to your current rate and calculate break-even: divide total closing costs by monthly savings to determine how many months until you recoup the refinance cost.
5. Lock your rate when the break-even timeline aligns with your planned time in the home.
Pro Tips
The 2026 FHFA conforming loan limits are $806,500 for standard markets and $1,249,125 for designated high-cost areas, as published by the Federal Housing Finance Agency. Knowing where your loan balance falls relative to these limits determines whether you’re in conventional or jumbo territory — and that determines which pricing channel your broker should be working in.
6. Cash-Out Refinance for Debt Consolidation: Replacing High-Rate Debt with Mortgage-Rate Debt
The Challenge It Solves
Equity-rich homeowners carrying significant credit card balances, auto loans, or other high-interest debt are paying two sets of interest simultaneously: mortgage-rate interest on their home loan and consumer-rate interest — often 20% to 29% APR — on revolving debt. A cash-out refinance consolidates high-interest debt into a single mortgage payment at mortgage rates, which are structurally lower than consumer credit rates. The challenge is doing this analysis correctly so the math actually works in the borrower’s favor.
The Strategy Explained
A conventional cash-out refinance allows you to borrow up to 80% of your home’s current appraised value. A VA cash-out refinance extends to 100% LTV — a meaningful distinction for veterans who want to access the full value of their equity. For a borrower with a $180,000 balance on a $320,000 home, the conventional cash-out ceiling is $256,000 (80% of $320,000), producing $76,000 in available cash after paying off the existing balance.
If that borrower is carrying $1,400 per month in credit card minimum payments at 24% APR, consolidating that debt into a mortgage at 6.75% on a $256,000 balance produces a principal and interest payment of approximately $1,661 per month — and eliminates the $1,400 in credit card minimums. The net cash flow effect depends on the individual debt load, but the interest rate differential between 24% consumer debt and 6.75% mortgage debt is substantial and works in the borrower’s favor over time.
The CFPB’s guidance on cash-out refinancing outlines the key considerations borrowers should evaluate before proceeding.
Implementation Steps
1. Calculate your current home value and existing loan balance to determine available equity — for conventional cash-out, your maximum new loan is 80% of current appraised value; for VA cash-out, it extends to 100% LTV.
2. List all high-interest debts with their current balances, minimum payments, and interest rates — this is the debt you’re consolidating.
3. Compare your current total monthly debt payments (mortgage plus consumer debt) against the projected new mortgage payment to confirm the consolidation produces a real cash flow improvement.
4. Use a no hard inquiry mortgage pre approval to receive cash-out refinance quotes across multiple lenders without a hard inquiry.
5. Factor in the new loan’s closing costs and calculate how long it takes to recoup them through monthly savings — this is your break-even point for the consolidation strategy.
Pro Tips
Veterans should always evaluate the VA cash-out option before defaulting to conventional cash-out. The 100% LTV ceiling on VA cash-out refinancing is a program distinction that no conventional alternative matches — it gives veterans access to equity that would be inaccessible under the 80% LTV cap. A soft pull mortgage broker can run both scenarios side by side so you’re comparing complete pictures before making a decision.
7. Jumbo Refinance via Wholesale Investor Access: Pricing Loans Above $806,500
The Challenge It Solves
Loan balances above the 2026 FHFA conforming limit of $806,500 — or $1,249,125 in high-cost areas — fall outside the GSE programs entirely. They’re priced in the non-agency, or jumbo, market. The challenge for jumbo borrowers is that retail lenders price jumbo loans from their own balance sheet or a limited investor network. A wholesale broker accesses multiple non-agency investors simultaneously, creating the same structural pricing competition on jumbo loans that the wholesale channel creates on conforming loans.
The Strategy Explained
Jumbo refinance pricing is more sensitive to lender-specific guidelines than conforming loans. Non-agency investors have varying requirements around reserve requirements, credit score minimums, property types, and documentation standards. A wholesale broker who works across multiple jumbo investors can match your specific loan profile to the investor whose guidelines and pricing align best — rather than forcing your loan into a single retail lender’s box.
The interest savings on a jumbo balance are proportionally larger than on a conforming loan, which makes rate optimization especially valuable. On a $950,000 balance at 7.375%, the first-year interest cost is approximately $70,063. At 6.625%, that first-year interest cost drops to approximately $62,938 — an annual savings of approximately $7,125. Even a fraction of a percentage point improvement in rate produces meaningful dollar savings at jumbo balances.
Implementation Steps
1. Confirm your loan balance relative to the 2026 FHFA conforming limit — $806,500 baseline, $1,249,125 for designated high-cost areas — to establish that you’re in jumbo territory.
2. Gather documentation that jumbo investors typically require: two years of tax returns, current asset statements showing reserves, and documentation of all income sources.
3. Work with a wholesale broker who has active relationships with multiple non-agency jumbo investors — not all brokers have deep jumbo investor access, so confirm this before proceeding.
4. Use a mortgage pre approval without hard pull to receive jumbo rate quotes across multiple investors without triggering hard inquiries that could affect your credit profile.
5. Compare total loan cost across investor options — rate, lender fees, and any prepayment terms — before selecting the best execution.
Pro Tips
Jumbo borrowers who went through a retail lender for their original purchase loan often don’t realize that the wholesale channel prices jumbo differently. Retail lenders like Rocket Mortgage price jumbo from their own balance sheet or a narrow investor network. A wholesale broker pricing across multiple non-agency investors simultaneously is the structural equivalent of getting competing bids — and on a $950,000 loan, even a 0.25% rate improvement produces thousands of dollars in annual interest savings.
Broker vs. Retail Lender: Program Access and Pricing Structure
The table below illustrates the structural differences between a wholesale mortgage broker and the retail lenders most commonly compared in the refinance market. These are structural distinctions, not promotional claims.
| Feature | Coast2Coast Mortgage (Wholesale Broker) | Rocket Mortgage (Retail) | Veterans United (Retail) | Movement Mortgage (Retail) |
|---|---|---|---|---|
| Rate Source | 500+ wholesale lenders simultaneously | Single retail rate shelf | Single retail rate shelf | Single retail rate shelf |
| Lender Fees | Wholesale pricing — no retail margin layer | Retail margin included | Retail margin included | Retail margin included |
| VA Cash-Out LTV Ceiling | 100% LTV | 100% LTV | 100% LTV | 100% LTV |
| Program Access (HIRO, FMERR, FHA Streamline, VA IRRRL, Jumbo) | All programs across multiple lenders | Limited to own product menu | VA-focused product menu | Limited to own product menu |
| FICO Floor | Varies by investor — broker matches to best-fit lender | Single lender guideline applies | Single lender guideline applies | Single lender guideline applies |
| Soft Pull Pre-Approval | Yes — NoTouch Credit Pull available | Varies | Varies | Varies |
Frequently Asked Questions
What is the current mortgage refinance rate in 2026?
Current mortgage refinance rates are published weekly by the Freddie Mac Primary Mortgage Market Survey, which tracks national average 30-year fixed rates. Your actual rate depends on credit score, LTV, loan type, property type, and the specific lender or investor pricing your loan — which is why working through a wholesale broker who prices across multiple lenders simultaneously produces more competitive results than a single retail lender quote.
Can I refinance my mortgage without a hard credit pull?
Yes. The NoTouch Credit Pull at MortgageRefinanceRates.com is a soft credit pull mortgage process that allows you to receive real rate quotes and program comparisons without triggering a hard inquiry. A no credit hit mortgage application protects your credit score while you evaluate your options across multiple programs and lenders.
How does a mortgage broker get me a lower refinance rate than Rocket Mortgage?
A wholesale mortgage broker accesses 500-plus lenders simultaneously and submits your loan to competing investors, returning the most competitive pricing available. Rocket Mortgage prices from its own single retail rate shelf, which includes the lender’s margin. A broker operating at wholesale removes that retail margin layer and creates genuine pricing competition — a structural advantage, not a promotional claim.
What is the break-even point on a mortgage refinance in 2026?
Break-even is calculated by dividing your total closing costs by your monthly payment savings. For example, on a $310,000 VA IRRRL with $1,550 in funding fees and a monthly savings of $180, the break-even point is approximately nine months. If you plan to remain in the home longer than your break-even period, the refinance produces a net financial benefit.
Can I do a VA cash-out refinance to 100% LTV in 2026?
Yes. VA cash-out refinancing extends to 100% LTV — meaning veterans can borrow up to the full appraised value of their property. This is a program distinction that no conventional cash-out alternative matches; conventional cash-out is capped at 80% LTV. Veterans in Virginia, Florida, Tennessee, and Georgia who want to access equity should evaluate the VA cash-out option before defaulting to conventional.
How does NoTouch Credit Pull work for a mortgage refinance rate quote?
NoTouch Credit Pull is a proprietary soft pull process that retrieves your credit profile without triggering a hard inquiry. You receive real rate quotes and program eligibility information across multiple lenders, and your credit score is not affected. This is a mortgage pre approval without hard pull — it gives you the information you need to make a refinance decision without the credit score impact of a traditional application.
What is the difference between a rate-and-term refinance and a cash-out refinance?
A rate-and-term refinance replaces your existing mortgage with a new loan at a lower rate or different term without changing your loan balance in a meaningful way. A cash-out refinance increases your loan balance above your current payoff amount, with the difference paid to you at closing — which you can use for debt consolidation, home improvements, or other purposes. Cash-out refinances typically carry slightly higher rates than rate-and-term refinances and have different LTV requirements.
How do I compare refinance rates across multiple lenders without hurting my credit score?
Use a no hard inquiry mortgage pre approval process — specifically, the NoTouch Credit Pull available at MortgageRefinanceRates.com. This soft pull mortgage broker approach retrieves your credit data without a hard inquiry, allowing you to compare rates and programs across multiple lenders simultaneously. Under FICO scoring models, multiple hard inquiries for mortgage purposes within a short window are typically treated as a single inquiry, but avoiding hard pulls entirely during the comparison phase is the cleanest approach.
Your Implementation Roadmap
The path from “searching for HARP” to “actively refinancing” is shorter than most borrowers expect once you know which program applies to your situation. Here’s how to sequence it.
Start with your loan type. If you have an FHA loan, the FHA Streamline is your primary path. If you have a VA loan, the IRRRL is your fastest route to a lower rate, and VA cash-out extends to 100% LTV if you need equity access. If you have a conventional loan, check GSE ownership first — Fannie Mae ownership points to HIRO, Freddie Mac ownership points to FMERR, and if neither applies, a conventional rate-and-term refinance through the wholesale channel is your strategy. If your balance exceeds $806,500, you’re in jumbo territory and need non-agency investor access.
Before any of this affects your credit score, use a no credit hit mortgage application. The NoTouch Credit Pull at MortgageRefinanceRates.com lets borrowers in Virginia, Florida, Tennessee, and Georgia see real rate options across multiple programs — HIRO, FMERR, FHA Streamline, VA IRRRL, conventional, cash-out, and jumbo — without a hard inquiry. This is how you comparison shop intelligently rather than applying blind and hoping for the best.
The programs that replaced HARP are active, accessible, and in several cases more powerful than HARP ever was. The only step between your current rate and a better one is knowing which program fits your loan and getting pricing across the lenders who offer it. Compare personalized refinance rates now or call 804-212-8663. Licensed in Virginia, Florida, Tennessee, and Georgia.
