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According to the HUD website, the basic requirements are that it must be an existing FHA loan, the mortgage must be current (one time 30-days late, if last three payments made on time), the refinance must result in a lower monthly P&I, and there is no cash back.
– The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. – The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009. – The mortgage cannot have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
By that measure, 5.9 million homeowners could benefit by refinancing into today’s mortgage rates, according to Black Knight, a technology, data and analytics provider for the mortgage industry.