Can I refinance under the harp program if my fico is in the 500 range?

Hi Maryle,The new Harp rules do not specify a minimum credit score as long as your new monthly payment does not increase by more than 20%. This could happen if you were trying to go from a 30 year mortgage to a 15 year mortgage. That said, many investors who will be doing the loan will have what is called investor overlays. These over lays could include a minimum score requirement. So you need someone who has a solid list of investors to work with. Since a lot of lenders have not released their overlay rules yet we don't all know for sure who will allow the lower credit scores. If you do not mind I could take a look at your credit profile and see if we can improve it for you as we search for the best investor to write your loan. If you would like this help feel free to drop me at line at 603-543-3700 ext 1. I am licensed in all 50 states and having lived most of my life in Worcester, MA I know your area. Don LaPlume

As was stated by the others, even though Fannie and Freddie are issuing their "Rules", the actual investors that ultimately buy these funded loans will have their own rules that tighten up the qualifications. Best thing to do is to contact a local Mortgage Banker/Broker, rather than one of the big banks. Depending on why your score is as low as it is, it may not be difficult to get it raised enough to take advantage of the HARP program. The big banks won't help you here. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Hi Maryle, To give you the honest answer no investor or bank or lender would do this with a score such as that. Most if not all want a min score of 640 you do have a few lenders that would go lower but one or two at the most.Sorry. Thank you Robert Oliveira Residential Mortgage Services.

I would start working on your credit before looking into HARP 2.0. Most lenders will require a 620 credit score.