You may be eligible if you have experienced a financial hardship because your mortgage payment has increased due to a rate reset or other loan terms and you have been denied a mortgage modification.
To qualify after a rate reset, you may have up to three 30 day late or one 60 day late payments on your mortgage during the past 12 months; there will be no minimum credit score requirement.
The property refinanced with the HPRP loan must be occupied as the borrower’s primary residence and the borrower must maintain occupancy for the life of the loan.
To qualify before a rate reset, you can have no late payments during the past 12 months; your credit score may be no lower than 575.
Borrowers who own other residential real estate property at the time of the HPRP loan closing are NOT eligible for the HPRP loan.
The borrower must document the hardship caused by the inappropriate mortgage loan that is being refinanced with the HPRP loan.
The borrower must be able to show that he/she has the ability to repay the HPRP loan.
