FMERR definitely tightened things up, but honestly, I wouldn't jump straight to non-QM lenders unless you really have to. Rates can be noticeably steeper. FHA streamline is great, sure, but only if you're already FHA—otherwise it's apples and oranges...
"FMERR definitely tightened things up, but honestly, I wouldn't jump straight to non-QM lenders unless you really have to. Rates can be noticeably steeper."
Totally agree on this. Non-QM lenders can really hit your wallet hard if you're not careful. A friend of mine went that route last year—seemed like a good idea at first because he had some credit hiccups—but the rate he ended up with was pretty rough. He's already looking to refinance again.
Also, about HARP specifically...pretty sure that program wrapped up a while back (2018-ish?). FMERR was kind of its replacement, but even that's gotten stricter lately. If you're not FHA already, streamline won't help much either. Might be worth checking out conventional refi options first, especially if your credit and equity situation has improved. Could save you some headaches—and cash—in the long run.
Yeah, FMERR's definitely tightened up lately. Non-QM lenders can be a lifesaver if you're really stuck, but man, those rates can sting. Had a client last year who went non-QM due to some income verification issues—worked out okay short-term, but he's already itching to refi again. Honestly, if your credit's improved even a bit, conventional might be worth another look before diving into pricier options...
HARP's been phased out for a while now, replaced mostly by FMERR and HIRO. If FMERR's too tight, you might still qualify for HIRO if you're underwater. Otherwise, conventional's probably your best bet if your credit's improved lately...
"Otherwise, conventional's probably your best bet if your credit's improved lately..."
That's solid advice right there. When HARP ended, I was in a similar boat—underwater mortgage and all. FMERR didn't pan out for me either (guidelines were pretty tight), but HIRO turned out to be a decent option since my home's value hadn't caught up yet. If you're still underwater, definitely give HIRO a shot. But honestly, if your credit score has bounced back recently, conventional refinancing could save you more money in the long run. Rates are pretty good right now, and you might even drop PMI if your home's value has improved enough.
Hang in there—refinancing can be a headache, but it's worth it once everything lines up.
