Good points overall, but just a heads-up—HARP itself officially ended back in 2018. There's still some similar stuff out there though, like the High LTV Refinance Option from Fannie Mae or Freddie Mac's Enhanced Relief Refinance. Definitely worth checking into those if your loan qualifies. Like you said, lenders don't exactly shout this stuff from the rooftops, so you gotta dig around a bit...but it can pay off if you're persistent.
Yeah, good catch on HARP ending. Honestly, a lot of folks still talk about HARP as if it's ongoing because it was such a big deal for years. Those newer programs you mentioned—High LTV and Enhanced Relief—are definitely the next best thing. They're not identical to HARP, but they're pretty close, especially if your loan-to-value ratio is high. I'd recommend checking eligibility criteria directly with Fannie or Freddie's tools online; lenders can be vague or even misleading at times... gotta advocate for yourself in this market.
Since we're talking about these newer programs, does anyone know if the Enhanced Relief option has stricter credit score requirements than HARP did? I've heard mixed things...
From what I've seen, Enhanced Relief does seem to be a bit pickier about credit scores compared to the old HARP program. I remember back when HARP was around, lenders were pretty flexible—my cousin refinanced with a score that was... let's just say, less than stellar. But lately, I've heard from a couple of friends in similar situations that Enhanced Relief lenders are looking a bit closer at credit history and overall financial stability.
That said, it might also depend on the lender you're dealing with. Some lenders might be more lenient than others, even within the same program. I'd definitely shop around a bit and see what different banks or mortgage companies are offering. And honestly, if your credit isn't perfect, it never hurts to ask directly—sometimes lenders have a little wiggle room they don't openly advertise.
"Enhanced Relief lenders are looking a bit closer at credit history and overall financial stability."
I've noticed the same thing recently. A colleague of mine tried refinancing under Enhanced Relief, and despite having decent income, his credit hiccups from a few years back made things tricky... definitely stricter than HARP used to be.
