That means having no late payments in the last 6 months and no more than one 30-day late payment from 6 to 12 months ago. You have had a good payment history for the past 12 months.With that change, many homeowners who were not eligible will now qualify. There have been several changes to HARP, but the primary enhancement removed the limit on the amount that homeowners could be “underwater” (owe more on their mortgage than their home is worth). HARP is unique-it’s the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits.
HAMP (Home Affordable Modification Program) is a program where you negotiate with your current lender to obtain a more affordable rate and in many cases the borrowers are already delinquent on the mortgage when applying for HAMP.
The HARP program (Home Affordable Refinance Program) is a refinance program designed for homeowners that either have little to no equity in their residence and outside of that would qualify for a traditional mortgage.
