Harp loans are both Fannie Mae and Freddie Mac loans. These are designed to make it possible to refinance your home when your mortgage is greater than your appraised value. To qualify Fannie or Freddie must have purchased your loan prior to May 30th, 2009.
Backed by the Veterans Administration. Zero down payment loan. Sellers can pay all closing cost. Lower rates than a conventional loan. Certificate of eligibility that reads $36,000 is not the limit to what you can borrow. This shows you have full entitlement.
Traditional loan programs that usually require 5% down and offer competitive interest rates. These are usually Fannie Mae and Freddie Mac loans. This will allow you to purchase & refinace. Harp loans are considered Fannie and Freddie loans.
Backed by the Department of Housing and Urban Development, this mortgage offers the borrower the ability to put as little as 3.5% down. Seller can contribute up to 6% of the purchase price to the buyer towards closing costs. Mortgage Insurance is required both upfront and montly.
Conventional 97% with MI
Similar to FHA, but without maximum mortgage amount limitations or the financed upfront MI. Must be a single family, owner occupied home and borrower must have a credit score of over 680.
Offers 30 and 15 year fixed rate mortgage and competitive ARM products with full document, alternate documentation and limited documentation.
Cash out and No cash out refinance are allowable. Single family detached, Condo's, PUD's and single-family second homes can be financed with no prepayment penalty.
No Down Payment
Rural Housing and VA both offer zero money down loans. The seller can contribute to closing costs and prepaids on both of these loans.