Federal Housing Finance Agency. HARP Changes Announced. With a chorus growing inside the Washington, DC, beltway that the Obama administration must do more to help struggling homeowners refinance, the Federal Housing Finance Agency this week announced a number of changes to the Home Affordable Refinance Program in an effort to attract more eligible homeowners who can benefit from refinancing their mortgages. HARP is the only refinance program that enables underwater borrowers to take advantage of low interest rates and other refinancing benefits that would otherwise be beyond their reach in a more normal market environment. This program will continue to be available to borrowers with loans sold to Fannie or Freddie on or before May 31, 2009, with current loan-to-value ratios above 80 percent.