Reply
Member
McGruffs
Posts: 10
Registered: ‎02-21-2008
0

Refi after BK - FHA or HARP

Can anyone help with the guidelines regarding these 2 types?  We will be 2 years out of BK on 12/31/09 - our current mtg is with WF, who is no help, as I keep getting different answers.  I was told I could refinance through HARP, regardless of how long ago we were discharged; now I'm being told it has to be 4 years from discharge.  For FHA, I was told we could start the process now, but it can't close until 2 years from our discharge date - now another rep is telling me, we can't even start the process until after 12/31.  Can anyone clear this up?

 

Thanks!!

Super Contributor
ShanetheMortgageMan
Posts: 8,254
Registered: ‎09-28-2007
0

Re: Refi after BK - FHA or HARP

For FHA you just have to be 2-years since discharge on a Ch 7, some lenders won't let you apply until that date but then more flexible lenders can start it up but will just wait until it's 2 years old in order to do the closing.  HARP (Freddie Mac Open Access & Fannie Mae Refi Plus) follow the normal Fannie Mae & Freddie Mac BK guidelines, which is 4 years if it was to do financial mismanagement or 2 years if due to extenuating circumstances.

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}