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I have a HAMP loan. Have had it for several years. Is it worth it to try and have it refinanced into a regular loan?

by cbnsj190 from Mountain View, California. Nov 30th 2019 Reply


Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,054 contributions

HAMP (Home Affordable Modification Program). When you modified your loan, you changed the terms, and basically said you couldn't afford the agreed upon payments. It's not theoretically impossible to refinance into a standard loan after a HAMP modification. However, it may depend upon the terms of the modification, such as whether or not the loan modification included principal forgiveness or deferment, and other factors. Fannie Mae for example still says as of their most recent guidelines that they want nothing to do with refinancing modified loans that resulted in a material change to the loan terms. Good Luck.

Dec 2nd 2019
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