People that Might be a good fit to your HARP System

To begin with you have to look at is the current home loan plus payment record. To get eligible for the newest HARP program, you need to be latest on the home loan repayments. Simultaneously, you simply can’t have any costs that have been more a month late over the past six months, without more than one skipped percentage over the past a dozen days.

Lender

One mortgage we would like to re-finance courtesy HARP have to be protected or owned by Frannie Mae otherwise Freddie Mac computer. If you’re not yes hence lender has your home loan, you can check your own Freddie Mac computer or Frannie Mae mortgage condition.

Financial Type of

To-be qualified to receive the newest HARP system, you might only have a normal financial. Almost every other home loan possibilities like the USDA, FHA, otherwise Virtual assistant mortgage commonly accepted towards the HARP refinance system.

That Use

You e assets just after. Therefore if you have was required to re-finance your house by this system ahead of, you might not manage to re-finance a moment big date.

Origination Time

Your home loan should have a keen origination time to your otherwise in advance of , to fulfill the prerequisites into the loan. You should use the various tools in the above list to track down your own origination big date, or you can name 800-7FANNIE or 800-FREDDIE between 8 am and you can 8 pm east day.

Occupancy

The house we want to re-finance to your HARP system features a few occupancy regulations you have got to follow to be eligible. Your house sometimes has to be most of your home, an individual equipment second domestic, otherwise a single in order to four unit investment property.

Several facts makes the latest HARP re-finance system a great fit for many people. Whilst is actually to start with built to help home owners rating lower mortgage pricing, this option was a good fit for anyone who wants try the web-site so you can refinance the current mortgages but might have been turned-down by other loan providers.

• The borrowed funds-to-worth ratio is over 80% of one’s home’s worth
• New citizen has been rejected getting refinancing because of the conventional lenders
• The fresh citizen keeps a credit rating away from 620 or even more (perhaps not a requirement)
• Mortgage repayments is current

People who Would not be a good fit to your HARP Program

On the other side, you can find individuals who this new HARP program would not be a great fit to have. While you are at the rear of or perhaps in default on the home loan, you may not be entitled to it loan program. A few other examples might possibly be:

• The new homeowner overlooked multiple mortgage payment over the last one year
• They’ve got already refinanced with this particular system once ahead of
• The original home loan is not due to Freddie Mac or Frannie Mae
• The mortgage-to-well worth proportion was underneath the 80% draw

Difference in the brand new HARP, HAFA, and you can HAMP Apps

Because the we’ve said over, the newest HARP financing is actually for a person who are most recent on their Frannie Mae otherwise Freddie Mac mortgage with no one not too many overlooked costs. HARP is actually a total refinance program, which can only help to lower interest levels and give a very reasonable home loan repayments. Brand new qualification standards is actually listed above.

HAMP Program

Brand new HAMP system was created to assist property owners that during the chance of defaulting on their most recent home loan to switch and you may tailor they instead an entire re-finance. For example, they can to give your own loan’s payment identity, decrease your interest, place your costs during the forbearance, otherwise key out of a variable interest so you’re able to a fixed focus rates. You need to meet the pursuing the criteria getting noticed qualified to receive this choice:

• The home must be most of your, individual home. People local rental otherwise capital services are not desired.