The value restrictions that were in place originally for this program have been removed, so no matter what you currently owe above the present value of your home, you may now qualify for a lower, fixed rate loan with the Home Affordable Refinance Program. HARP is now:
- Easier to Qualify
- Lighter on Appraisals
- Simpler with Underwriting
There are no debt-to-income limits, which means you may qualify even if your income has decreased recently. You can qualify with a FICO score as low as 620, but you may qualify with a lower score in certain cases. Also, appraisal requirements are determined on each individual loan and property, but overall the rules are softer. You may also qualify without the need for an appraisal at all, or just one to make sure your home is "still standing".
You'll need to be current on your payment in the past 6 months, with no more than one late in the past year. If you filed for bankruptcy or have experienced a foreclosure, you will see more relaxed refinance rules than you have in the past.
For most borrowers, refinancing to a fixed rate is the best option, but if you are looking to refinance into an ARM, you cannot owe more than 105% of the value of your home.
HARP now also welcomes investments and condos as well. You can refinance up to 4 second homes or investment properties under HARP. You can also refinance a home on which you're an "accidental landlord" – even if there is a renter living there.
Ready to get started? Apply online, right here, right now through our secure loan center. You'll be able to upload any documentation directly to us there as well. Simple, the way it should be.