Certain lenders and packages allow you to refinance in case you’ve had a the later part of mortgage payment. But you might have to do some searching.

Question: Perhaps there is any way to refinance if we had a overdue payment on our house loan six months ago? To this point no one will approve you until a year adjusted by with no overdue payments. We are drowning with a 6.75 percent interest rate.

–Anna

Answer:?Hi Anna. Primary you’ll need to know very well what kind of loan you have already. If your loan is owned by Fannie Mae or Freddie Mac, you might be eligible for HARP. HARP allows for just one late payment in the last twelve months, as long as it was as a minimum 6 months ago.

An Home loans streamline refinance is yet another possibility, if your up-to-date loan is an Federal housing administration mortgages loan. An Federal housing administration streamline allows for just one late payment in the last 12 months, as long it was greater than three months ago.

If people current loan is often a VA loan, you may well be eligible for a Veterans administration streamline refinance. Marketing assistant streamlines do provide for recent late repayments.

Keep in mind that with every one of these loan types, loan companies can impose their own personal rules above and beyond just what HARP, FHA, or VA require. That’s most likely the reason your having resistance from the lenders you are applying together with. Keep looking, and you will find a lender which will sticks to the foundation requirements and may approve you for the loan product.