The very first thing you have got to see can be your most recent financial along with your payment records. As entitled to the brand new HARP program, you really must be current on your own home loan repayments. Simultaneously, you can’t have payments which were over 30 days later over the last half a year, with no one or more overlooked fee within the last twelve weeks.
Lender
Any home loan we want to re-finance compliment of HARP need to be secured or belonging to Frannie Mae or Freddie Mac computer. If you aren’t yes which bank has your existing mortgage, you can check their Freddie Mac computer otherwise Frannie Mae home loan standing.
Home loan Type
Becoming qualified to receive the new HARP program, you might just have a conventional mortgage. Most other mortgage selection like the USDA, FHA, or Va mortgage aren’t approved for the HARP refinance system.
You to Play with
You age assets after. Anytime you’ve was required to re-finance your home from this system just before, you might not be able to refinance the next date.
Origination Date
Their real estate loan have to have a keen origination day toward or prior to , to meet up what’s needed to your mortgage. You need to use the tools listed above to find the origination date, you can also telephone call 800-7FANNIE or 800-FREDDIE anywhere between 8 was and you will 8 pm eastern go out.
Occupancy
The home we wish to refinance for the HARP system keeps a few occupancy legislation you have to realize to be eligible. Your house possibly must be most of your home, one tool next household, or a one in order to four product money spent.
Several circumstances makes new HARP re-finance system a great fit for many individuals. As it was to begin with built to assist people score lower mortgage prices, this option is a good fit proper who would like so you’re able to refinance its latest mortgages however, might have been refused by other loan providers.
- The borrowed funds-to-really worth proportion is more than 80% of the home’s worthy of
- New homeowner could have been refused to own loans Battlement Mesa CO refinancing of the antique lenders
- New homeowner enjoys a credit score away from 620 or higher (perhaps not a necessity)
- Home loan repayments try newest
People who Would not be a good fit towards HARP System
To the other side, there are people that the latest HARP program would not be a great fit to have. While at the rear of or in standard on your home loan, you will not getting eligible for it mortgage program. Additional examples would-be:
- The brand new citizen overlooked multiple homeloan payment over the last one year
- They’ve got already refinanced with this specific program immediately after before
- The initial home loan isn’t compliment of Freddie Mac or Frannie Mae
- The mortgage-to-value ratio is actually underneath the 80% draw
Difference between the fresh new HARP, HAFA, and you may HAMP Apps
Just like the we’ve got mentioned more than, new HARP financing is for someone who are current on their Frannie Mae otherwise Freddie Mac mortgage without one to few overlooked payments. HARP is an entire re-finance program, which will help to reduce interest levels and give a far more reasonable mortgage repayments. The fresh qualification criteria is actually in the above list.
HAMP Program
The HAMP system was designed to let home owners that are within the danger of defaulting to their latest mortgage to change and you will customize they versus an entire re-finance. Such as for instance, they can to increase the loan’s fees name, decrease your interest, place your payments during the forbearance, otherwise option out-of an adjustable rate of interest in order to a predetermined desire rates. You must meet up with the pursuing the conditions as sensed entitled to this option:
- Your house need to be your primary, individual home. Any leasing or financing functions aren’t greeting.