Harp Loan Program Guidelines

2012 has been touted as the answer to every short sale agent s once the borrower is rejected for a loan modification through the hamp program. Posted on feb 24 2012 in harp refinance.

Hamp Versus Harp Which Is Right For You

New programs are essentially an extension of harp but with different names and slightly different requirements.

Harp loan program guidelines. The good news is that the harp guidelines for getting your refinance approved through freddie mac and fannie mae have been made more flexible with the recent harp 2 0 updates. Loan has to be older than may 31 2009. The program has been extended until december 31 2013.

The harp loans not only cover primary homes but also vacation and investment loans. Minimum of a 620 middle credit score. Maximum dti ratio of 45.

Below are some basic guidelines the program requires. No mortgage lates in the past 6 months. Income and asset verification per the selling guide.

The maximum loan to value ltv cap has been removed on home owners looking to refinance in to a fixed rate mortgage. In order to take advantage of the harp 2 0 program you will need to qualify for it. Through new programs homeowners can get a lower interest rate which means less out of pocket costs each month get a shorter loan term or change from an adjustable to fixed rate mortgage.

However for homeowners looking to refinance in to an adjustable rate mortgage the maximum ltv is set at 105. Harp loan program eligibility a homeowner whose property is backed by fannie mae or freddie mac perfectly fits to get the harp refinance loan. The new harp mortgage program guidelines have several benefits for home owners.

The program details and individual bank overlays tend to change daily so it s best to call us at 855 674 8525 with specific questions or simply complete a quick pre application to get the process started. Harp loan program guidelines. Below we look at the guidelines as at 2017.

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