The Home Affordable Refinance Program, or HARP, was a U.S. government initiative designed to help homeowners refinance their mortgages. Launched in 2009, it aimed to assist those who were underwater on their loans, meaning they owed more than their homes were worth. HARP allowed eligible homeowners to secure lower interest rates and reduce monthly payments without the need for private mortgage insurance. HARP was available to borrowers with loans backed by Fannie Mae or Freddie Mac. The program was particularly beneficial for those who had stable income and good payment history but faced challenges due to declining home values. HARP officially ended in 2018, but it played a significant role in the recovery of the housing market.