And while the government established benchmarks to follow, the mortgage companies ultimately decide whether or not to offer aid. Wells Fargo and any number of smaller lenders who can also help you with the HARP® program.Read also: Report exposes wealthy families using public housing subsidies, HUD steps inĪccording to an article published on, rather than a program that transferred funds to borrowers-in-crisis (allowing them to lower their mortgage payments), the HAMP program handed the money over to mortgage servicing companies which were supposed to modify the loans for the borrower.
Just a few of the bigger lenders who can give you a quote include When you shop around, you might be surprised at how much money you can save from one lender to the next. Shopping multiple lenders will make sure that you have the best chance to get the best rate and lender fees and close your loan in the shortest possible timeframe. The single best way to save money when thinking about participating in the Obama refinance program is to shop multiple lenders. Refinancing: Important Video From The White House If they don’t have your mortgage there, thenĬheck Freddie Mac. To see if either one holds your mortgage, you canĬheck Fannie Mae. Both have tools on their websites to see if they own your loan. In order to be eligible for the Obama refinance / HARP® program, your loan must be backed by Fannie Mae or Freddie Mac.
Reduction in the monthly principal and interest payment.Most lenders will require that in order to do a HARP® refinance, you will have to benefit from it in one of the following ways: Most lenders will not allow a bankruptcy or foreclosure in the last 7 years.Most lenders require no late payments in the last 12 months.Most lenders will require that subordinate liens (second mortgages) be re-subordinated.Private Mortgage Insurance transfers are allowed with certain mortgage insurance companies.1-4 Family Primary Residence, Second Home, 1-2 Family Non-Owner Occupied, and Condominiums & PUDs are eligible.Some lenders may wave a required appraisal.Some lenders have minimum credit score requirements, some don’t.