There are two primary qualification criteria for Home Affordable Refinance Program loans — the loan must currently be owned by the federal government through Fannie Mae, Freddie Mac, or FHA; and the loan must have been written prior to May, 2009.
Even if your home mortgage is through a bank or other lender, odds are fairly good that the mortgage is owned by one of the government programs mentioned above. If you have an FHA loan, the letters “FHA” will appear in the name of your loan. To determine if your mortgage is owned by Fannie Mae or Freddie Mac, follow the links below.
You also need to have a credit score of at least 620. If your credit score is below that, The Credit Crusaders can help you raise your credit score to at least 700 in less than 2 months.
Finally, you should have no late payments within the past 6 months, and no more than one late payment within the past year.
If you do qualify, great! Find out where you can get a HARP loan. Even if you think you don’t qualify for a HARP refinance, you should find out what other refinance loans you may qualify for by the same lenders.
Get more information on how to refinance with HARP.