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.
