some websites say a min. credit score of 620 is needed for a HARP loan but others say no min. score is required. which is true?

It depends on the lender you are working with. Many have what's called "overlays" which means that even thought Fannie and Freddie say that there is no minimum credit score, the individual lender imposes a minimum score. You need to find a Direct Seller to Fannie/Freddie that doesn't impose those minimums. Please share more info and I'm certain that all of us will be able to help direct you further.

Both are true.. Under HARP rules, no minimum score is required.. However you still need to get an automated underwriter (DU/LP) approval. this is going to be hard if you have a low score, since all the things that lower your score are taken into consideration when the automated system looks at your file, so probably will get rejected.. Also, even if you get DU/LP approval, the lender can still have their own guidelines where they require a minimum credit score... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

HARP does not require a minimum credit score. However, Each lender has a set of rules that they lend on. That being said, most lenders will have a minimum of 600 or 620 on HARP loans, but if you do some research, you may find lenders who will go down even lower or will do it with no credit score. Best Of Luck!

It depends on the individual lender. Most banks have minimum credit score requirements even if Fannie and Freddie do not

No minimum credit score required.Certain underwriting guidelines will remain in place: a strict, maximum number of late payments on any trade line withinthe past twelve months...from the most lenient of lenders. There are very few niche lenders in the country that willallow for more leniency than all other lenders though. You can qualify with as little as an EA-3 on the automated underwriterfor Fannie mae, and on lack of any approval from freddie mac's automated underwriter it is possible to stillqualify under strict underwriting guidelines. You have to search around for someone who can do loans withEA-3 ( least qualified of EA-1, EA-2, EA-3 & approve/eligible) or Freddie Mac manual underwrite recommends.We do loans only in CA.

It depends on the lender. We can go below 620. Please contact us to discuss more. 201-962-3555 Team@BestMortgageOption.com Michelle