First thing you have got to consider is the newest financial plus percentage record. As eligible for the HARP program, you really must be newest on your home loan repayments. On top of that, you can not have money which were over thirty day period later during the last 6 months, without multiple skipped fee in the last 12 weeks.

Lender

One real estate loan we want to re-finance due to HARP must be guaranteed or belonging to Frannie Mae or Freddie Mac. If you are not yes hence bank have your current mortgage, you can examine their Freddie Mac otherwise Frannie Mae home loan standing.

Mortgage Kind of

To get eligible for the brand new HARP program, you might have only a conventional financial. Almost every other financial selection for instance the USDA, FHA, or Virtual assistant financial are not accepted to your HARP refinance system.

One to Play with

You e property shortly after. Therefore if you’ve was required to refinance your residence by this program prior to, you may not have the ability to refinance the second time.

Origination Big date

The real estate loan have to have an enthusiastic origination go out for the or prior to , to satisfy the prerequisites toward loan. You can utilize the equipment in the list above locate their origination date, or you can call 800-7FANNIE otherwise 800-FREDDIE between 8 are and you will 8 pm eastern time.

Occupancy

The house we should re-finance on the HARP system have a number of occupancy regulations you have to pursue to-be qualified. Your house possibly should be the majority of your house, an individual tool next domestic, otherwise a single so you’re able to four product money spent.

Several items could make brand new HARP re-finance program a great fit for many people. Because try to start with built to help people get down mortgage pricing, this program is a great fit for anybody who would like to help you re-finance its latest mortgage loans however, has been turned-down from the most other lenders.

• The loan-to-value ratio is more than 80% of one’s house’s payday loans Snowmass Village well worth
• The newest homeowner could have been turned down getting refinancing by the antique loan providers
• This new resident has a credit history of 620 or even more (not a requirement)
• Home loan repayments is newest

Those who Wouldn’t be a good fit on HARP Program

Into the opposite side, there are several those who new HARP program would not be a great fit to own. If you find yourself at the rear of or perhaps in standard in your financial, you might not getting entitled to so it mortgage program. Added instances could be:

• The brand new homeowner skipped more than one mortgage repayment over the last one year
• They’ve already refinanced using this program just after in advance of
• The original mortgage actually as a result of Freddie Mac or Frannie Mae
• The mortgage-to-worthy of ratio was beneath the 80% mark

Difference between new HARP, HAFA, and HAMP Programs

Since the there is mentioned significantly more than, the latest HARP loan is actually for an individual who was latest on the Frannie Mae otherwise Freddie Mac computer home loan and no one to few overlooked repayments. HARP was a whole refinance system, which will help to lessen rates and present a more reasonable home loan repayments. New eligibility conditions try in the list above.

HAMP Program

Brand new HAMP program was created to help homeowners that inside threat of defaulting to their current mortgage adjust and you may tailor it in the place of a complete refinance. Eg, they can to increase the loan’s payment identity, decrease your interest, put your payments inside the forbearance, or button out-of an adjustable interest rate to help you a fixed focus price. You must meet up with the adopting the conditions become considered entitled to this program:

• The home need to be the majority of your, private quarters. People leasing otherwise funding characteristics aren’t greet.