HARP vs HAMP

**silywabt** · 04-23-2010, 09:25 AM

Hey everyone, i just wanted to inform everyone of the difference between HARP and HAMP. HARP is for homeowners that are not behind on their payments. HAMP is for homeowners that ARE behind on their payments. Both program guidelines are pretty much the same (primary residence, 125% value, etc). Hope it helps someone. The document did say the programs will end June 30th, 2010 although i think Obama may extend the programs. Good luck to you all!

**silywabt** · 04-23-2010, 09:52 AM

HARP program has been extended to June 30th, 2011.

**lisasxr** · 04-23-2010, 10:51 AM

HARP is a refinance product.
HAMP is a modification product.

HARP allows homeowners who are able to refinance to a lower fixed rate do so with higher LTV ratios.

HAMP - can be current or past due. No LTV or DTI ratios to account for (mostly just the 31% front DTI for PITI)