The HARP Deal, Credit Requirements

The HARP Deal, officially going live to lenders and borrowers on Monday March 19, 2012, has very generous credit requirements, namely:


Mortgage history is also far less stringent for the HARP Deal than other loan programs.  The Fannie Mae (FNMA) underwriting engine is called Desktop Underwriter, or DU.  The Freddie Mac (FHLMC) underwriting engine is called Loan Prospector, or LP.  Here are the corresponding HARP Deal mortgage history guidelines:

  • Fannie DU: must be current
  • Freddie LP: 0x30 late in the past 6 months and 1×30 allowed in the last 7-12 months

As far as Bankruptcy and Foreclosure guidelines for the HARP Deal, the standard Fannie/Freddie rules apply:

  • To be eligible for the HARP Deal, a prior bankruptcy must have been discharged or dismissed at least four (4) years for a Chapter 7.  A shorter waiting period of 24 months is allowed for a Chapter 13 if the filing was the result of “Extenuating Circumstances”.
  • If multiple bankruptcy filings, the time elapsed must be five (5) years from the most recent discharge or dismissal date.  Three (3) years allowed if the result of extenuation circumstances.
  • For prior foreclosures, the time elapsed must be seven (7) years or greater, unless the foreclosure was the result of Extenuating Circumstances, then three (3) years is allowed.

California property owners, ready to see if you qualify for the HARP Deal?  Contact Jocko Feehan with AmeriFirst Financial today by calling (760) 212-2268 or inquire online at:  www.TheHARPDeal.AmeriFirst.Us



About Kevin Kueneke

I am a Sr. Loan Officer with The Lending Company in San Diego, California. The HARP Deal is a very important part of the housing recovery, and I want to help you take advantage of this great program. View all posts by Kevin Kueneke

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