I Is this true for HARP loans if your monthly mortgage payments does not go up by more than 20% there is no min. credit score?

Your 606 credit score should be just fine with a HARP refinance. Keep in mind that every lender may have their own "overlays" in terms of what they will or will not do. Fannie and Freddie don't specify any credit score needed, but most lenders impose their own minimum scores and other criteria. You need to work with a lender that has minimal overlays and work nearly in tandem with Fannie/Freddie HARP guidelines. Please feel free to contact me with questions. I also lend in PA.

Hello Equus1...HARP's demand (from most lenders) a score of 640. Now, the exception might be if you refinance with your current lender. This is called the "direct" marketing channel. (And, yes, there may be a few correspondents accepting 620 but most have "overlays" to the program specifications and that means they want 640 as a minimum.) I think what you were concerned about is the need for a minimum credit score and the answers as just defined is, "yes." Now, if you are at a 606, your score probably could be brought up to a 640 level quickly. I could tell you instantly. Feel free to contact me anytime. We are a federally chartered bank licensed in 50 states:Greg GruenwaldThe Federal Savings Bank, Naperville, ILGregG@888GREG1ST.COM888-GREG-1ST (888-473-4178)

We can probably help you put both of you on the loan. Please contact us to discuss further. 201-962-3555 Team@BestMortgageOption.com