The initial thing you have got to glance at is your latest home loan as well as your percentage background. To be eligible for the latest HARP system, you should be current on your own mortgage repayments. Simultaneously, you can not have any payments which were more than thirty day period late within the last 6 months, without more than one overlooked fee over the last twelve weeks.

Bank

One mortgage we wish to re-finance through HARP must be protected otherwise belonging to Frannie Mae otherwise Freddie Mac computer. If you aren’t sure and this bank possess your mortgage loan, you should check your own Freddie Mac otherwise Frannie Mae mortgage standing.

Home loan Sorts of

Become entitled to the fresh new HARP program, you can simply have a traditional financial. Almost every other mortgage possibilities like the USDA, FHA, otherwise Va home loan aren’t accepted for the HARP refinance system.

One to Fool around with

You e assets shortly after. Therefore if you was required to refinance your house by this system in advance of, you might not be able to refinance the next go out.

Origination Date

Your own mortgage need to have an origination day towards the or in advance of , to satisfy the prerequisites into the loan. You need to use the various tools listed above to find the origination day, you can also name 800-7FANNIE otherwise 800-FREDDIE anywhere between 8 are and you will 8 pm eastern date.

Occupancy

The house we need to refinance on the HARP system have a few occupancy laws and regulations you must realize to get eligible. Your house either has to be your primary household, just one device second domestic, otherwise a-one so you’re able to four device money spent.

Numerous points can make the newest HARP refinance program a good fit for many of us. Because was to start with built to let people score straight down home loan prices, this method could be a good fit for anyone who would like in order to refinance its current mortgages however, could have been turned down by almost every other lenders.

• The mortgage-to-worthy of proportion is over 80% of your own house’s really worth
• The newest homeowner has been turned-down getting refinancing by the conventional loan providers
• The brand new citizen possess a credit score away from 620 or maybe more (perhaps not a requirement)
• Mortgage repayments are current

People who Wouldn’t be a good fit with the HARP Program

For the opposite side, you will find several individuals who the newest HARP program wouldn’t be a good fit having. When you are behind or perhaps in cash advance in Colorado Nathrop default on the home loan, you won’t be qualified for that it financing program. Some other instances is:

• The brand new citizen skipped one or more homeloan payment within the last one year
• They will have already refinanced with this particular program immediately following before
• The original home loan is not using Freddie Mac or Frannie Mae
• The borrowed funds-to-really worth ratio is actually beneath the 80% mark

Difference between brand new HARP, HAFA, and you can HAMP Applications

Once the we now have stated a lot more than, the newest HARP mortgage is actually for an individual who was newest on the Frannie Mae or Freddie Mac home loan without you to hardly any overlooked costs. HARP is actually a total refinance system, which will help to lower rates and give a far more affordable mortgage repayments. The brand new qualification conditions try listed above.

HAMP Program

The brand new HAMP program was created to let property owners who happen to be for the threat of defaulting on their latest mortgage to switch and you will personalize they in the place of a complete re-finance. Particularly, capable to give your own loan’s cost term, lower your rate of interest, place your money for the forbearance, otherwise switch out of a changeable interest so you’re able to a predetermined appeal rate. You need to meet with the following standards as considered qualified to receive this choice:

• The house must be most of your, personal home. One local rental or funding qualities are not anticipate.