New Harp Mortgage Program Guidelines
Announced by the President, October 24, 2011, the Home Affordable Refinance Program has been updated allowing more homeowner’s to take advantage of the program.
The New HARP Mortgage Program Guidelines have several benefits for home owners:
- The program has been extended until December 31, 2013.
- The maximum Loan to Value (LTV) cap has been removed on home owners looking to refinance in to a fixed rate mortgage.
- However for homeowners looking to refinance in to an adjustable rate mortgage the maximum LTV is set at 105%.
- The appraisal process has been streamlined; in cases where an Automated value can be determined an appraisal would not be required.
- Each mortgage lender will enact its own schedule for implementing these enhancements. Lenders should receive instructions from Fannie Mae and Freddie Mac before November 15. Several lenders could begin taking in mortgage applications under the new enhancements by December 1. Other lenders will need extra time to accommodate the changes. Enhancements such as the ones affecting delivery of loans with LTVs above 125% should be in effect by the first quarter of 2012.
(137 votes, average: 3.13 out of 5)
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Comments (515)
I am interested in refinancing with the HARP program. I have a Freddie Mac Fixed and I couldn’t Dow streamline refi because a verbal VOE was required and I don’t work anymore. My spouse is it on the loan and he pays all of the mortgage payments. Would I qualify for the HARP program?
I was told by a Wells Fargo lender that when you have a Freddie Mae loan with Wells Fargo you have to stay with them. So my hands are tied,I hold my breath hoping to get a honest loan.
I too have been trying to get a Harp loan since time immemorial but my bank Hsbc has ben using a delaying tactic in fact one of their associates has told me that the upper echelon of the bank has been stating that the program will go into effect next month for the past three months! My home is above water and I haven.t been late or missed a payment. The banks and Fannies are deceitful( Freddie has fixed the deck against the American homeowner in my opinion.
Sometimes it is because of what Fannie and Freddie tell Fannie Mae lenders on timing. Just found out Fannie Mae will update release in mid-March so higher ltv and cltv shortly after that.
I work at Credit Union and can broker nationally so never wish to mislead.
Do you qualify with an active chapter 13 bankruptcy, or do you have to wait for it to be discharged?
HARP 2 allows you to refinance with an active CH13 BK, as long as you have made the BK payments on time. Email me for more info.
I was told you cannot refinance with Harp with an active chapter 13..
When is the date for this program going to be extended to loans owned by FannieMae/FreddieMac past 6/1/2009. I tried to refi on my loan that was purchased in 7/2009 and cannot because the ltv went up to 87%. This program is unfairly penalizing those with newer loans.
Is an appraisal and credit report required when refi-ing under the HARP2? Information I’ve read say no; but, the loan officers say yes. I’m in a condo. Is there an exception with condos? If so, why? Any information you can provide would be greatly appreciated.
Wells Fargo Is not good for me my current lender – i will try a new bank as sam suggest.
So, it seems to me that if I was prudent when I bought my home. Stayed within my means. Did not let the Fannie May or Freddie Mac crooks take advantage of me. I am now left out of the loop on the refinance programs even though my home value dropped just like everyone elses. Am I to understand that we allow Fannie Mae and Freddie Mac to continue to operate and from what I am seeing on these comments provide extensive double talk and hood wink more hard working Americans into refinancing. This is the stuff the causes actions like the 99% protestors. Get these crooks out of power, stop the superpacs. Vote for someone backing the Fairtax Act and lets get our country growing again.
I bought my town home in 2006. At the time I was instruceted to do an 80/20 loan. The first loan is through Chase (backed by Fannie Mae). However, my second loan is through Citi Mortgage which is not backed by Fannie Mae or Freddie Mac and is a baloon after 15 years. I currently owe $50,000.00 more then what my home is worth. My current interest rates are 7% and 8%. I am current on all my payments and my credit score is 820. I get different answers dpeending on who I talk to. I even called the 1-888-995-HOPE and they told me that HARP 2.0 guidelines will not be released until May of 2012. Do I have any options? Ultimately I would like to refinance both loans together with a low interest rate. Is there anything I can do regarding what my home is worth? Meaning, if I decide to sell I can’t because I don’t have the $50,000 to pay off my loan. Any information you can provide would be greatly appreciated!!
Geminii Girl,
which state is your property in?
You have many options available to you. With the new revisions to the Freddie/Fannie HARP program you can refiance your home even though you have that second. Key point is whether or not your first mortgage is less than 80%LTV. If you haven’t found anyone to help with this issue you can always contact me.
My vacation home was purchased in 2008. Loan is 299,000 (bought for $400k)and the house is now worth $240k. One West (indymac has loan)
Do I qualify for HARP 2.0?
I’m in the same boat you are. bought a condo in 2006 as well. Totally upside down and my 80 loan is interest only so I’m lost right now with no options.
can I still take advantage of the HARP program if I haved filed banckruptcy
No. If you are in Chapter 7, you must wait 4 years from the date you are discharged.
Is there any programs available to assist home
owners who have filed Chapter 13 Banckruptcy?
This is not true. Even with traditional refinancing, with good (rebuilt) credit, you can apply for a mortgage 2 years after a Chap 7 discharge.
Yes, I am going through a HARP 2.0 refi now and we’re less than 2 years past our discharge. BK is not supposed stop you in the HARP 2.0 plan from what I have been told.
Yes. Who is your current lender? HARP 2 allows a refinance regardless of how recent your BK was discharged.
Yes. HARP 2 allows you to refinance 1 day out of Ch7 discharge, and you can currently be in Ch13, but must have no lates on the payments.
If my is serviced by Green Tree to I have to apply for refinacing through Green Tree or can I go to another bank? Green Tree Sucks!
green tree only service your loan.formerly serv. bofa ami also – we will go with a new bank as sam says!
Looking to refinance. Purchased house in 2006 and I have qualified for any previous programs. I owe more than 100k more than home is valued. Would love to refinance through HARP II but my mortgage is with M&T. Is M&T partnered with one of the five banks named in program?
Hi all. I called today about the HARP program and was told that I would have to get an appraisal and that I actually had to have a minimum of 5% equity in my home to qualify for HARP since I have PMI. I thought this program was meant for the folks that had actually lost value in their homes and were looking to refinance but were unable to do so normally because of their LTV. I’m confused. And everyone keeps talking about something changing in March. Will this eliminate the 5% equity requirement and appraisal requirement???
it s true try gmac u cant have been late must be fannie may
Who is your current lender? LTV should no longer matter on HARP 2. I can possibly help depending on who your current lender is.
Just wondering what the credit score criteria is, if any. I have someone who is current on their primary residence but in foreclosure on their investment properties
Can you advise?
Everything about Harp and other plans is about homes under water, what about the hundreds of thousand or millions of home owners that are not under water. In fact many of us have great equity in our homes. Below 80% LTV but, we can’t refinance conventionally because either we are “under employed” too high DTI ratio, credit scores below 710 or in some cases unemployed. Even with these obstacles we are current with our payments and have high interest rates. WHERE IS OUR RELIEF???
So I’m to understand that unless your mortgage is owned by fannie or freddie you are ineligable?
That is correct but doesn’t mean all loans owned by them are eligible! If your bank dumped your loan after may2009 to Freddie or Fannie they are ineligable also!!
I live in Califrornia I bought my home in 2006 for 265k I owe 215 K. My home is now worth 130 k. I am fanny Mae backed. My mortgage has recently been sold to Greentree. They say I don’t qualify for harp 2 because I have a PMI. Is that correct? My interest rate is 6.35 and I would love to get it lower. If not I will just walk away. I have no late payments.
This is not true. The mortgage insurance companies are on board as well.
I was told that the borrower could not have PMI on the loan. Conflicting inforamtion that needs to be asked of the loan company/bank you talk you.
You are not eligible if you have LPMI, lender paid mortgage insurance.
I am wondering if I should wait to refi my home at this point at 4.5% or wait till 3/1/2012.
I submittted my HARP packageAugust 2011 via fax as instructed. Have confirmaiton the received it, but it mysteriously disappeared. Did not know this until I called in November to find out how our application was progressing. Was told to resubmit ad now there are new forms, so waited for the forms. Yesterday I called to find out why our paperwork keeps disappearing and how can they offer services when they clearly are not interested. Now told we need an appraisal? First time to hear this news. But was told we were over 25%, not 125% but 25% is the maximum for HARP consideration. Then the US Bank HARP person made the mistake of saying to me that yes, I can see your interest rate is 6.25% and HARP will certainly be helpful to you. Well, I wasted no time in telling her that yes, US Bank (where USAA put our mortagage) was collecitng that interest rate every month and instead of helping us achieve a lower interest rate they continue to take advantage of a 100% disabled veteran and a govermnet employee with a frozen salary! Now, like may of you, I have to wait and see if March 15th brings a program for us to take advantage of HARP.
Have you checked on a VA/Disabled Vet Loan? Don’t have all the info, however just found out you can supposedly refinance now. My husband, and I are in the same boat. THANK YOU FOR SERVING OUR COUNTRY!
I was told that I can not refinance with the HARP the 2nd time. My first refi was back in Jan 2011 on HARP. Can I refi again with the lower rates today through the HARP?
I was wondering the same thing. Refinanced mine in 2010
Nope. Once you use HARP, you cannot use it again at this point.
I was told by my current mortgage holder, Wells Fargo that I cannot apply for a HARP loan if I drop one of the co-borrowers from the original mortgage. I need to refinance after a divorce and I was the only co-borrower with income at the time of the mortgage, but I applied my spouses name just for death benefits should I have preceeded her in death. I can easily qualify again for the new loan, but the lender says I can’t apply without my ex-wife on the mortgage and I need to remove her name per our divorce decree.
This is not true. You can drop a borrower as long as you can verify that you have been the one making the payments for the last 12 months
I have been told I can refinance with my current lender (GMAC)now at 4.5%. i am wondering if folks believe that there will be some competition once the software is distributed on 3/1/2012 and the interest rate might be lower.
We were told on the phone that we would go from 5.875% to under 5%. We were told no appraisal fee. We were told it would be about $1000 to do this. After all said and done it went down to 5.25%, there would be an appraisal and we went from 1000 to $2600 in fees, plus we had to get flood insurance. What a rip off. There were no savings after they were done.
No wonder nobody does these programs, they don’t help anyone except the mortgage companies.
I am currently employed. Started a new job on 6/28/2011. Was unemployed for a year and a half before I started this job. Will that disqualify me?
No Ray it will not. after an extended time of unemployment you need to be back on the job for six months. Looks like you have accomplished that. If you are in California, send me an email. or find a lender in your area
Vickie, I applied for this program through Quicken Loans and wound up paying $350.00 for an appraisal. I have a loan through USAA (which is not participating in the program) however it is owned by GMAC and backed by Fannie Mae. Quicken told me that since I owe $128,000.00 and my home is now appraised at $85,000.00 I am eligible only if I can come up with an additional $25,000.00
1)I thought this program did not require an appraisal
2) I thought the CAP had been removed.
Also I subscribe to equifax and have access to my three credit reports. According to the “big three” my credit score is approx 740 yet when Quicken looked it up they said it was 643 I immediately went on line while I had them on the phone and pulled a brand new report which stated my score is 741. Quicken could not explain the discrepancy.
Mark,
The LTV caps should be removed in March also appraisals may be removed as well. There is light at the end of the tunnel.
I have a question after reading a lot of these post’s. I qualified already for harp 2.0 4 days ago with BOA. im waiting on paperwork. My old Mtg 2008 did not have “PMI” my question is will they try to add PMI to this new mtg.?
I was concerned about the PMI as well. I was told that my PMI situation would not change even though the LTV would change. However, I am running into other things, like an appraisal that the instructions say is not required.
Hi, I called BOA 4 days ago to apply for Harp 2.0, and was told they were not taking any applications, and would call me back in 60 to 90 days! I am in WA state. Curious what state you are in?
good luck with BOA i have tried ever since the Obama programs were announced ..i didnt realize they put investor PMI on my loan and they say they cant hellp me,, so i have since contacted another lender that ststed they did not understand why BOA said they couldnt help me they other lender had made it passed all hurdles so idk if BOA really wants to help any of us i actually contacted them on the first day of dec 2011 and they told me to call back in Jan only to tell me they couldnt help me.. i think they should help all of us that pay our mortgage and are underwater or anyone that needs it .. hope i can get over this last hurdle then i can say good ridence Boa
I’m in the exact same boat. B of A told me because I have lender paid mortgage insurance I don’t qualify. I’m going thru a mortgage broker to validate that.
I’m in Indiana. I was told 60-90 days also
If you did not have pmi on your original mortgage, you wont have it with harp. Refinanced in December 2010 at 103%
My mortgage was originally held by Bank of America, however M&T took it over. Freddie Mac is the investor. When I spoke with a representative with M&T regarding the HARP 2.0, I was told that I needed to wait until mid March due to the fact that they are not able to help anyone until mid March due to the fact that Bank of America is still showing as the lender and they are working on the adjustments. Is there any way around this?
I have been reading up on the New HARP and I found out the banks have been given permission to implement the new HARP since October 2011. Banks have had ample time to implement these changes. The banks have also had enough time to collect applications, which according to my research has been since December. I too had my loan through BoA and my loan was ‘sold’ to M&T. When I spoke with M&T they said for me to ask again in January. I called in January and was told to call in February. With your information and what I have experienced I have come up with a conclusion. BoA sells their loans, not because they want to help smaller businesses or decrease how much is owed to them or because they want to increase their positive cash flow reporting, but because they are eventually going to lose money due to the specifics of the HARP program. In this case everyone is helping each other out, except for the owner of the home in question. BoA sells loan to M&T, M&T takes their time implementing HARP program and makes the investor, Freddie Mac, a little more cash off of us, the RESPONSIBLE OWNERS. Bottom line is Freddie messed up and they know it. They bought loans from BoA knowing they were from responsible owners who would pay and they can take their time implementing changes to programs that would help them lower their payment. All that said, WE CANNOT DO ANYTHING TO SPEED UP THE PROCESS! We can’t even choose another bank because WE ARE UPSIDEDOWN! BoA looks good! Freddie Mac will report XX amount of positive earnings, (caughing) I mean M&T Bank, and both of them have us haninging by our tails. It’s just sad.
Called M&T today – same situation as above except the initial message indicating that M&T may be considered a debt collector and any information I would provide could be used for collection purposes didn’t make me feel too comfortable …
Was ultimately told that b/c having a conventional mortgage and being underwater I would not be able to refinance until April …
So M&T has little to no interest to refinance at a lower rate. I’m seriously considering going into default as this seems to actually get them thinking about alternatives. Last but not least being asked when they could expect my February payment (never been late on the mortgage) was truly a wakeup call in regards of debt collection agency practices. Too bad that I have no saying in who can buy my mortgage and who can’t … local credit union may be a safer bet and stocks in a ruthless company making profits to round it up?
I’m interested in refinancing my mortgage to lower my payment and to get into a fixed rate. Our first mortgage is for $326,400 and the second mortgage is a home equity loan of about $76,000. Our home is now only worth about $310,000 Freddie mac owns the loans, but both are serviced by ONE West Bank who tells me that they do not have a HARP program. I have check all the criteria and it seems we are eligible for the program.I really would like to use this program but I don’t know who to go to. Can someone please help?
Hi Tony
I will be able t
I don’t know what state you are in, but try a mortgage broker….they will help you. or e-mail me back if you are in Michigan. Don’t take the answer from one bank, if they aren’t in the program, someone else will be, so make those calls.
Greetings Tony,
I am a mortgage banker and I can refinance your home for you. Pease email me so we can get you qualified.
How can you help when everybody else can’t. i am in NY
Nancy,
I am located in Michigan and am interested in refinancing using the HARP 2 terms. Freddie Mac website says I am eligible. CITImortgage is my current lender, but they are not interested. I have talked with another broker who says HARP 2 in not in place yet. Can you help me?
we went to chase to get a harp loan they said they were pretty sure we would qualify, but when we went to chase they said it wouldn’t go through because of a bankruptcy my husband and ex-wife filed in 2004
I went to Chase today to see about refinancing under the HARP program also. They said that our credit rating was excellent, in the 800′s and that we qualified for a “Chase” refi at 3.375% on a 15 year note, from our current 6.75%, 30 year. Our bankruptcy was discharged in 2000, 4 years before we even purchased our house. The bankruptcy fell off our credit reports in 2010. They said we did not qualify for HARP because of the bankruptcy. Can anyone shine some light on the validity of Chase’s comments?
TexasMo: I am ready to close on a Chase HARP refi and we also had a bankruptcy back in 2001 (discharged 8/01) and they never mentioned it to me at all.Our score is about 800 also. I would call them back and speak with a supervisor. I got a 15 yr mtg @ 3.75% fixed rate.
I am with Wells Fargo and have gotten the run arund for months. Now that the Harp2 elminates the 125% we finally qualify so I thought . Was just told my mortgage doesn’t qualify because there are restrictions put on it by Freddie Mac but of course Wells Fargo doesn’t know what it is. They service the loan. I contacted a Freddie Mac rep who said that Wells Fargo needs to get in touch with them and they would be able to work out what it is. The Freddie Mac rep gave me all the details for Wells Fargo to contact them. Customer does all the leg work and Wells will still do nothing!! How can that be??
Your problem is that the bank employees answering the phone don’t know what other bank departments are doing. Try transfering to a different department or supervisor. There are numerous departments – Foreclosure, loan modification, etc. Save yourself some time & get a local Realtor who knows the biz to look at your case,; and also consider a short sale. It’s preferable to a foreclosure.
First off I want to say I am not lookign to forclose or short sell this home. I own the mortgage and trying to do the right thing by paying it. I have been intouch with each department of that Bank. Along with the mortgage person who originally did my mortgage back in 2006. Of course she says nothing she can do untill the guidlines come out. We’ll I say that is not enough as they can start working with Freddie Mac to see why there is a restriction on my mortgage. Next step is to see if I can work with a Wells Fargo in the New England area whereas my condo is in Florida. This is just unacceptable especially where I work in the finance field and this would not be acceptable if I was working on.
I have finally found my answer as to why there is a restriction on my mortgage by Freddie Mac. Seems that condos were excluded from the original Harp program depending upon how they were coded. As of March the restriction will be lifted and will be able to refinance. I will tell you I will NOT be refinancing with WELLS FARGO. I have found a great morgtgage company who enlightened me with this information and will be getting all my paperwork in order this week for them to review so all will be in order from March. Better one on one service…nothing like Wells Fargo. You can do a Harp with another company do not need to stick with the one you now have
curious to know who you found…i too have had the run-around w/wells fargo. thanks in advance!
I would gladly give it but don’t want to post all over this blog! email me
I have condo and have had the run-around w/wells fargo for two weeks. I would appreciate if you can provide more information for me. Thanks.
I have been told that I can only do a HARP with BOA the owner of my Fannie Mae mortgage. Please give me the name of your mortgage company.
Tricia, I would also love to know who your new mortgage co. is as I also need help.
Please advise.
Thank you,
Steve Ropeta
I, too, am curious to know who you found. Wells have been giving us the run-a-round too. Didn’t qualify for Harp after getting all of the paperwork together. They say we qualify for Harp 2 but have to wait until the 2nd week in Feb. I have been reading on here that it will not come out until March.
what is the name of your new mortgage company.
Please tell me………Thanks
gladly would share the name email me
Very interested, could you also tell me the name of your new mortgage company? Thank you.
Can you tell me who this bank is??
What is the name of the company?
I’d LOVE to know too!
Would love to know the name of your mortgage company that handled your refinance. Wells Fargo has been horrible.
Thanks so much!
Todd
would also like the name of the mortgage company
thanks.
I’m applying for HARP assistance to refi my house. My wife and I separated and they told me I won’t qualify cause I’m removing my wife on the loan which she already agreed. I have to have my wife on the loan in order to qualify. I love to save the house even with no equity right now but I guess I just have to abandon it. Any advise..
Romy they tried that with me too. But as long as you can prove you have made the mortgage by yourself for the past 12 months they can do it. You have to provide the divorce decree giving you the house and the deed granting her off of title
HARP and HARP 2.0 have different guidelines. The major difference is 2.0 removes the 125% LTV cap..thus, you can be seriously upside down and still qualify. HARP 2.0 won’t go into effect until at least March of 2012. To participate, the first step to take is to determine if your mortgage is owned by Fannie Mae or Freddie Mac. If it’s not, you cannot particiapte..period. google is my loan owend by fannie / freddie and you’ll see the two websites that were set up to help you answer this question. I’m a loan officer for a national bank and I will be happy to answer your questions about HARP.
Folks, these is a link in the tool bar above to the Fannie and Freddie websites. Use it to determine if your loan is owend by either of these two ‘GSEs’. They must own your loan if you wish to use HARP or HARP 2.0.
I called BofA and asked about the HARP program, as it appears I meet all of the qualifications. They said that I didn’t qualify, but couldn’t tell me why. I did a HAMP (completed Feb 1, 2011, which lowered my $2,600 payment by 70.00). According to the guidelines, I believe I qualify, but BofA can’t tell me why I don’t qualify, only that their computer states that I don’t. Would having done a HAMP disqualify me from the HARP?
Bob, thx for the info you’re providing. I’ve been researching and so far seem to qualify. I did want to ask you a question about closing costs…can you provide any insight on this? Some lenders I’ve seen have really high closing costs. Any idea what we can expect to be charged for or what are reasonable costs? Any insight you can provide is appreciated!
Why is FHA not included in HARP?
My loan is owned by Fannie Mae and serviced by Wells Fargo. I went through the HAMP program back in 2010 and have on time and current payments since my completion of the trail period in Feb 2011. Under the previous guidelines, WF said I do not qualify for HARP 1.0 but based on my interpretation of the regulations, I may qualify for HARP 2.0 since Fannie Mae has also owned my loan. Can someone confirm this?
Bob: Just wondering on HARP 2.0 due out in march, can you roll your home equity loan into your mortgage? I have heard that you can’t. My home eq is at 6.5% which is killing me. Thanks for any info
Toni, you cannot pay off a 2nd with HARP or HARP2.0. BillB, you probably wont want to use HARP is you recently modified. Cathy, HARP and HARP2.0 are for fannie and freddie only. FHA already has a ‘steamline refi’ program that does not require an appraisal, income or asset verif, and a mortgage only credit rating. Carol M., the fees should be normal fees for a refi, and they can be ‘rolled in’ to your new loan amount so that you won’t need to pay them out of pocket.
No you can’t I’m going threw the harp 2.0 as we speak. Went from 5.78% to 4.5%
My mortgage loan was with Bank of America and sold to M&T Bank is it owend by fannie / or freddie ?
Dear Bob,
I have a bankruptcy that was discharged in 2004. I also have PMI with my current mortgage. Under these circumstances, would I qualify for a HARP 2 refinance?
You should be eligible for HARP 2. Depends on who your lender is. Banks will implement the program but will all mostly have some sort of “overlays”, which are their own guidelines on top of the HARP 2 guidelines that may put some resrictions on eligibility. Who is your current lender?
I have been getting the run around from Wells Fargo every time I contact them about the Harp it is always some non-sense with them such as we haven’t came out with the new guidlines yet, call back in Dec. call back in January than was told to call back in february around the 6th. I do not trust Wells Fargo and wang to find another bank to handle my loan. I have always been on time with my mortagarge payments. Except when Wells Fargo told me back in July that in order to be accepted for the Hamp I must be late on my payments in order to get it.
Hello Bob,
I have a Freddie Mac loan that I closed on July 1, 2009. I have been told that the cut off date for qualification is May-2009, however was told that the new guidelines coming out in March may extend this date so that I qualify. I was told that I qualifiy in every other aspect. Do you know if the loan dates are going to be extended?
Bob, I was told by Chase that my husband and I did not qualify (currently) due to our loan closing l month prior to cut off. I would be very, very interested to know if you have information on whether the loan dates are going to be extended at this time. My Chase person did not have any information in talking with her around the first of February, 2012.
Thanks!
Bob, are you a mortgage rep? If so what town/state are you located. You seem very informed and I would like to work with you if possible.
Talked to BOA today about HARP as i am undrwater at least $20,000. They told me i do not qualify as I have Leneder PMI? Is there any way around this? i do not remember anything about this or being told of such a thing? on the Freddie Mac sit it shows my residence qualifies. Any help would be appreciated.
I had BOA and they told me the same thing. They sold my loan before 2.0 came out. My new company is worse I can’t even reach a loan officer to find out if I qualify because I have lnder paid pmi.
We have our loan through BOA(owned be Frannie Mae) as well and ran in to the same problem while trying to refinance with First Option Lending. After shelling out 4 bills for a required appraisal and countless hours on the phone with BOA(they[BOA] had a very difficult time figuring out we had lender paid PMI) and verifying this to First Option. Anyway, First Option basically threw their hands up and told us they could not do it. BOA has a backlog of people interested in the HARP program so the waiting list to get a callback is 60-90 days.
Has anyone figured out a way around this?
I am sorry to hear of all these issues. I found refinancing under HARP to be the most painless process and from start to settlment, it took under 30 days. We brought in 2007 for 182, financined 158 @ 7% and owed 149 at the time of the HARP. Under HARP, our rate is 4% and we refi’ed 152. We DID NOT have to pay for an appraisal. We DID have to pay WELLS FARGO a 400fee upfront, however that is returned at settlement – that fee was to insure we went through with the deal and Wells wasn’t wasting it’s time and manpower. Had we canceleld just because we changed our minds, we would have lost the 400 fee.
I am getting ready to apply for the HARP loan with Wells Fargo. Glad to hear that someone had a good experience. Did you have to pay the closing costs as well as the $400?
Under the HARP 2.0 program, is there a limit on the number of properties a person can have financed and be able to use the HARP refinance program for the refinancing of some and/or all of those properties?
I have a citi mortgage and a chase 2nd. I would like to refinance them together but combined they are over 80% current home value. Should I try Harp on 1st loan or try and pay down to 80% and roll into 1. Should this be taken up with a mortgage co instead of 1 of the big banks.
I have my Mtg. thru Nationstar. I was told in Aug 2011 that I had to be behind a min of 3 months before they could help me with any programs. I quit making pymts in Sept.2011. I filled out paper work for a modification program and was accepted but it only dropped my total pymt 130.00 which I still can’t afford. If I dont pay this new agreed amount by Jan 31 2012, the offer is off the table and I cant resubmit my request for help. My question is this: If I accept their terms and start making these new pymts….and they put all my arrearages at the back of my loan…can I still qualify for the Harp program next year after I have been current on my pymts for 12 months ??
I’m looking to refinance my home and the new HARP program says that the maximum loan to value has been removed but when I called Citi Mortgage they said that my Freddie Mac still has this requirement. Is that true? I thougth the reason to have this change in the program would be to help everyone that lost all their value in their home. Can you please confirm that Freddie Mac guidelines are correct? I hope not because I really want to refinance my home. Thanks
erika, if fannie or freddie owns your loan, HARP or HARP 2.0 should be available to you. HARP 2.0 may be available this coming March. When it becomes available, you may use any bank to refi, and it wont’ matter how far ‘upside down’ you are with your equity. Currently, HARP will only allow you to be 25% upside down.
My credit has suffered a bit due to the economy and my home is underwater buy almost 100,000 (although current), would this hamper my ability to refinance my loan to a lower interest rate?
No, credit is not an issue. Althought they look at your scores to make sure there are not judgements or liens, your score does not impact whether or not you will be approved.
I qualify for a refi under the program. However Chase says I do not qualify because I have a ‘bifurcated’ mortgage. I’ve never heard of that. Can Chase stop me from going to another bank in March to refi? Can a ‘bifurcated’ mortgage prevent me from refinancing under the new program?
I got the same excuse I was “bifurcated” I checked with chase through another number and they did not have any record of the flaw, then I checked with freddie mac and there was only that they owned my loan. I will try another bank. Chase is too big to care. I will also contact freddie mac and see how much of my loan they do own. I see it as a scam to keep me at 6.5%
I too am in the same boat. I just found out today after failing multiple times to find out why I am ineligible for HARP and now HARP 2. My note is supposedly Bifurcated. MERS’ website and Freddie Mac’s websites show Freddie Mac as the owner. This is ridiculous.
Chase gave me the same “bifurcation” obstruction. My loan is 30 fix, no second motgage, and perfect payment history. I fit into the HARP parameters without flaw, other that this. Any luck finding a fix to un-bifurcate.
Am i eligible to refinance a1st and 2nd that are seviced by FNMA or FMLC with a HARP loan?
No only the 1st they wont combine an EQ or 2nd mtg.
I have been trying since November of 2011 to refi w/Nationstar Mortgage for the 4.2 program. I meet all criteria’s however, they are telling me to call back in March 2012 as that is when the guidelines will be in place. Can you please clarify this as I received a letter from them in November that I was eligible yet they keep putting me off.
I have a mortgage with Northstar… however I DO NOT want to refinance with them. Can I refinance with any bank of my choosing undering the HARP progarm?
You sure can. Any Lender who is approved to do HARP Refinances can help you.
I would suggest a Mortgage Bank instead of a “Big Bank” (i.e. bank of America) due to better interest rates / lower or no fees, etc.
Mortgage Banks do not have the overhead that these “Big Banks” due and also work much quicker.
Kevin any suggestions for a good Florida bank as I am with Wells Fargo and they have been awful…I qualify for Harp but they keep putting me off with excuses
That’s EXACTLY what happened to me. However,even more strange I went to 2 Wells Fargo banks within an hours time. The first one told me no and the second one told me yes!
Im suspicious!;(
Tricia, our crrent mortgage is with wells and we financed under HARP with them and the process was done and we settled all within 30 days.
Thanks Kelly…not the case with mine seems there is a problem with Freddie Mac or Wells Fargo on a restriction on refi with Harp2. Wells Fargo will not look further into it which really stinks as we are upside down alot and never late on our mortg. They are the servicing bank and was told by freddie mac they are to follow through with my request but they are not.
Hi. I just contacted CitiMortgage about refinancing under HARP. The loan specialist says that my LTV ratio has to be 95% for the refinance – even though everything on the Freddie Mac/Harp website says otherwise! She also said that my Freddie Mac loan wasn’t “marked” HARP so I didn’t qualify?? I meet all the criteria for HARP! Please help!
I CALLED CHASE. MY MORGAGE COMPANY, AND I WAS TOLD THAT I TOTALLY QUALIFIED FOR THE HARP PROGRAM. WHEN I WAS FORWARDED ON TO THE NEXT PERSON TO GET THE PAPERWORK ROLLING, HE TOLD ME THAT I DID NOT QUALIFY DUE TO THE FACT THAT I REFINIANCED MY LOAN TO A LOWER INTEREST RATE A YEAR AGO AND THAT WAS TO SOON TO DO THIS NOW. SO HE TOLD ME TO CALL BACK IN A YEAR. IS THIS TRUE??
YOUR LOAN HAS TO CLOSE BEFORE JUNE 2009 IN ORDER TO QUALIFY FOR HARP2
My loan now is with BOA and according to the guidelines you have on your site I qualify no problem..My question is, my loan now is a sub prime in that I financed 100%..Will I still be able to use the Harp 2 program..Also, why is it if you have the new guidlines the banks state that they won’t have them until Feb or March
Can anyone tell me what appraisal the lenders are using to determine PMI,LTV,Points,and interest rates, when there is no appraisal needed?I have been told by GMAC they use a preparatory appraisal that I have no access to!!
They are correct. The law changed about 2-3 years ago where the bankers & real estate agents can not interact w/the appraisers. When I did a home equity loan the bank when onto Zillow to see my value. I think the only reason they didn’t do an appraisal as I had so much equity in my home that an appraisal wasn’t needed. I hope this helps.
i was told by my new mortgage co green tree servicing that i would not be able to refinance my home through the harp program because my property is located in new jersey and new jersey does not participate in this program is this true
HARP is a national program. Go to another mortgage co. Also real articles on the internet for your state.
I have a BofA loan and just spoke with them about HARP. I was told that I wouldn’t qualify because I have lender paid insurance. What does that mean? Who else would be paying my home owners insurance? I was also told that the newest set of guidelines have not been finalized, is that true?
We seriously need a refinance!
Check w/another bank in your area.
Thats a bunch of bull!!! Check your mortgage statement. Typically your monthly payments include PMI or property mortgage insurance. It’s normally a requirement of your first mortgage which you were supposed to be informed of by your lender. You have the RIGHT to know whom it is. It would be listed in your original closing documents. First check your mortgage statement. It should have a break down of your monthly payment. Are you assigned an account rep?go to the BofA web site. It list all the eligibility requirements. If your have an account rep ask for the name of his/her supervisor!
Lender paid insurance is not home owners insurance – it is mnortgage insurance because you had less than 20% downpayment when you originally purchased. Lender paid is more difficult to figure out as it does not show as a separate payment as the lender paid it and you paid a higher interest rate to compensate
I had the exact experience as Beth. The thing is, the Banking Industry had their lobbyists make sure that the new HARP 2 guidelines excluded those with Lender paid mortgage insurance. If you refinanced your home when values were high (which most people did), you probably met 20 percent equity and weren’t required to pay MIP (and most people didn’t because it saved them 1-2 hundred a month). The Lenders, however, paid the mortgage insurance themselves upon closing escrow to protect their own interests. This is not usually disclosed, and if it was, who would care what the bank paid or, who would have guessed what the eventual consequences would be? Most borrowers that are in trouble will fall into this category.
HARP 2.0 will fail as well..
I have 1st & 2nd mortgage…1st w/SunTurst, 2nd w/Wells Fargo. Both are current, never late. SunTrust hold 1st loan, Wells Fargo has indiciated the it simply “proces” load for private investor.
Does H.A.R.P. allow for the consolidation of both loans in to new loan lower interest rate?
Both loans total approx. 250K according to FEDs/Zillow..house value 185K
Any direction, tips, advice, you can offer is most appreciated.
I am in same boat!Per GMAC: No, program will not combine both loans.Gov. is not aware if we default on 2nd we still lose house!!
Unfortunately HARP does not allow you to combine the 1st and 2nd since these loans are Rate and Term only. They would consider this a cashout to payoff the second. My advice is to find out which one of these loans are fannie or freddie owned, refi that one under harp BUT tell them to subordinate the second mortgage. By subordinating the second, the bank is allowing this mortgage to stay in second position while the HARP loan assumes 1st position. I have my first with Wells, 2nd with TD Bank and that’s what I had to do to take advantage of the lower rate since HARP does not allow you to combine the 1st and 2nd. After your HARP refi is closed, check the rates on your second to see if they are lower. Its much easier to refi on the second into a lower rate. You normally only pay a processing fee.
Ask your 1st mtgr co to consolidate. The 2nd mtgr is subordinate
1st mortgage lender is unlikely to consolidate as it would put them at a higher risk – and most loans have to meet guidelines that allow the loan to be sold (standard guidelines). It will be difficult to roll both loans into one unless you have quite a bit of equity in your property – catch 22
you are most likely stuck – but I would really encourage you to keep making your payments as it will take a long time to fix your credit score once your mortgage payments go bad – do what you can to get 2nd paid off so you have some equity in the property – eventually, values will rise
I have 2 mortgages through Wellls Fargo, can this program help me get rid of my 2nd mortgage?
Probably ask your mtgr co
I notice that the new requirements above do not state you must be current without any late payments/fees. Is that still a requirement? We made a decision to walk away because WF would NOT help us because we were current on our mortgage. In order to refi they wanted $100,000 to cover the difference in loan value and home value. Would we even qualify now since we are not current on payments?
Leigh, I am a loan officer at a local bank.
Your mortgage payments need to be current for six months in order to qualify for this program. Other guidelines in regards to credit also apply.
Please let me know if you need further advice.
Anna
what about if you have short sale another property within the last 2 years, will it affect the application of your refi thru HARP on your primary residence?
Anna,
Would you please get in touch with me? I do have few questions that I would like to discuss more in details with a loan officer.
Thanks.
Anna, you seem to really know and understand the HARP program. I have been reading and researching for months. I do have a Freddie Mac and it’s with Wells Fargo. I do qualify, but at the bank the loan officer said that I didn ‘t and that was about 3 -4 weeks ago. I want to reduce my interest rate and get a fixed, can you advise me?
You need to short sale your home at this time. The credit hit is a bit less then forclosure
That is outrageous. HUD has a program called Principle Reduction Program. The regular loan process eligibility for a loan modification apply. But the benefit of this program is that HUD will match a principle reduction up to $50,000 if the lender agrees to match. That’s a potential of reduction of $100,000.00? And for the bank to tell you that they couldn’t help you because you were current on you mortgage is PREPOSTEROUS. To protect yourself, note on a file the date and time you were told this by the WF rep. Also note his name. Ask for his supervisors name as well. My best suggestion is to keep really good notes on any conversations you have with them…recording it also saves your butt.
I bought my house in 2007 for $389k and have paid it down to $292k. With rates so low I can refi from a 30 term to 15 yearm term and keep my monthly pmt basically the same. However, the developer of my small development (14 total lots) died a couple years back and the bank foreclosed on all but the 2 lots I own and 1 other as the developers widow couldn’t pay the property taxes. They then had a “fire” sale to get rid of the lots. I picked one up for a third of one of my other lots. However, the house “next door” which is the same as mine on the same size (2 acre) lot went for $258k. Thus, I know my appraisal won’t come in high enought to do the refi. However, when my bank got wind that I was looking to refi w/ another bank (probably because they saw my credit report was pulled) they sent me a offer to refi under this HARP program. What I don’t get is that I do not have a Freddie Mac or Fannie Mae backed loan. So why would they offer? I really want to do this refi but I am wondering if they are just going to charge me the appraisal and appl fee and then say I don’t qualify as I am not backed by Freddie Mac or Fannie Mae. What gives?
Ask for you costs upfront in writing
I have a rental home that is a freddie mac loan.I want to refinance because I am at 7 1/2% on that loan. I had a lender willing to do refinance until the appraisal came back extremely low. I owe just under $94,000. The appraisal was for $106,000 even though All my research says that it is between $135,000 and $169,000.The lender balked after seeing the app. What can I do to get a refi on this loan. I am willing to pay $3000 towards the principal.
I’m not sure where to go for advice or what we can do. No one can seem to help. I’ve been divorced and remarried for a few years now and we never refinanced our house because of the market. My ex just moved out and my new wife and I assumed the loan. Now we’d like to refinance but I’m not sure it’s possible. While the house is worth more then what we owe, even in today’s market, we have a 2nd mortgage that’s crazy high. I wish we could combine the two and start fresh… any thoughts?
Refinance the 1st mortgage and do a subordination of the second. At least you can lower the rate on the first.
You should be able to refinance under the HARP program if your occupancy has not changed from when you did the existing loan.
Ok, so an appraisal is no longer needed according to the new guidelines however Bank of America is trying to get me to pay a $425 non-refundable appraisal fee. According to all of their calculators I am eligible and there should not be an issue with the 125%, which is also supposed to be going away in March. Not really sure how these banks are getting away with saying they are offering HARP loans but then not following the guidelines.
same thing here, i just called BOA earlier and thats what exactly they told me, i need to pay $425 appraisal fee
Same here as well. But before that, my mortgage company almost got me into a H.A.M.P. ( not HARP ), which is a home modification and goes against your credit score. With that in hand, if I accidentally went with the HAMP, I would have to get my home appraised at, of course, a fee. BUT, my mortgage company does offer a HARP… But not in my state. Question – if they can get an appraiser out to my home if I need modification, why can’t they do the same for another program. Contractually, is a lender supposed to go out of their way to screw people over..?
Same with us. We had to pay $400 for an appraisal fee for HARP refinancing.
I was told by BOA that the appraisal was not needed, but they needed an upfront fee of $470 to begin the process, etc. I was told by BOA that I could start the process today, but when I called the mortgage brokers…they said to call back in March because that is when everything will be finalized. Not sure which is correct.
When we register/lock a loan we are required to charge a fee of $425 for an appraisal even though HARP tool may give a value. If in processing the application it is actually determined in u/w that an appraisal was not needed the $425 will be credited back to the customer.
I PURCHASED BY HOUSE IN 2007, BACKED BY CHASE, OR SHOULD I SAY CROOKS, TRIED NUMEROUS TIMES TO MODIFY, TO NO AVAIL, DO I QUALIFY? IM IN CALIFORNIA, AND MY HOUSE IS BELOW WATER BY 50,000 HELP SOMEONE, CAN’T MANAGE THE PAYMENTS.
Suzanne, Did you check the system to see if you are backed by Freddie or Fannie? If so you can submit to see what the savings will be.
Does anyone know of a bank that’s refinancing under HARP 2.0 for new customers?
I have an FHA Fnma MTG ….i have not had an appraisel done in over 3 years but know the value of my home is 80k less than my principle does anyone know if i have to get a new appraisale to qualify for HARP
Yes you do
no you do not!under harp guidlines
I was told that an appraisal is not needed via BOA. May want to check around with different companies to see what they are doing.
I too have a Wells Fargo mortgage. When I called back in November they told me my loan was flagged as paying PMI. I told them I have my mortgage statement right in front of me and that no PMI is in my payment. I did pay a fee upfront for “prepaid PMI’ but that was it. Apparently when Wells took over my servicing, they coded my loan as being a PMI Loan. The mortgage guy told me that they would change the system and that it would be updated Jan 6th (almost 40 days after my phone call). I waited. Today I find out that the system never got updated and the guy promises the system will be updated on Feb 6 and that is better for me because that’swhen the HARP guidelines take effect. Huh? I get the feeling Wells is jerking me around.
I have been in contact with Wells Fargo too and I was just told last week that they will start taking applications Feb 6.
Greg you are getting jerked around. Private Mortage Insurance is required on all loans if you have less than 20% equity. You can pay the PMI monthly, or front-load it as “Lender Paid PMI”. You pay a higher interest rate and your lender takes the extra money and pays the PMI insurer. HARP says that if you don’t pay PMI now (monthly or lender-paid) you won’t need to get PMI on your new loan, even if you now have less than 20% equity because your home has declined in value. However, if you DO pay PMI now you MUST get PMI again on your new loan, no matter what program you refinance under. PMI insurer’s aren’t banks. They are insurance companies. They will not issue new PMI insurance unless you meet their specific qualifying rules. Anyone using HARP, HAMP or HARP 2 doesn’t meet their qualifying rules. If your Lender can’t get PMI insurance, they can’t do your loan. No one who pays Monthly PMI or Lender-paid PMI should be spending any money to try to refinance right now. Don’t let some loan officer/order taker at a big bank take your money.
I have mort with wells fargo closed 3/06. 140,000 mort value is about 65000 in florida as 2nd home..we were just told we don’t qualify under harp because it is a condo only single homes! on 7 yr variable due 2013. have been told not backed by fannie mae which at some point we were told we were. just doesnt make any sense. our mortg up north when the rate went down they just sent us a paper and we signed and the rate was changed. Of course this is a small co-op bank. maybe if more banks took this approach with good paying individuals our families wouldn’t be loosing their homes!! Any thoughts on what I was told why we don’t qualify due to condo
Tricia,
The way the guidelines read is that if the loan is held by Fannie Mae be it condo or co-op it should meet guidelines. This is because it met the right criteria the first time to be sold to Fannie mae.
sorry it is Freddie Mac backed..not that that makes a difference..I spent 2 hrs today on the phone with Wells Fargo looking for the answer why Freddie put a code “J” reason why they will not allow my mortgage to go under the Harp Program..after several conversasions about what the “J” meant I was told it meant condotel? resort community? which it is neither…so I pushed further on this and was told due to to many rentals/forclosures or low reserve in the HOA…well no wonder why that is!! If they allowed the refinancing you would not see this happening…Freddie Mac reviews every 6 months…It’s a catch 22 but as usual these programs will never work for people who DO pay their mortgage! Would love to talk to Freddie Mac but can’t get intouch with them…
Try a different lender.
I meet all the criteria however I no longer reside in the property and its rented out im active duty military and was forced to transfer and couldnt sell it. does anyone know if i can get some kind of waiver on the residnecy requirement
The guidelines state that a second home may be refinanced under HARP 2.0
When are the new guidelines going into effect, they were announced in October 2011 and my mortgage holder tells me they have not gotten the paperwork from the government. I qualify for the program but it’s taking so long.
I was oriignally told December 11th, then I was told to try back on Jan 27th, but then I have read online it could be the end of March. I am hoping it is sooner as I qualify too
I have a 30yr fixed @ 6%, funded by Fannie, serviced by Chase. Recently a Chase rep called and said he could “just barely” get me into a HARP refi if I paid an application fee and an extra point, because my LTV is 108% but the cut-off is 105% LTV. I did a little reading, and it seems the HARP program should allow up to 125% if I stick to the same product (30yr fixed), is this correct? Was this guy calling with an offer of assistance, but is actually making a profit based on false info (adding points for higher LTV% when it’s not necessary)? Should I reasonably expect to pay an application fee, appraisal fee, and a certain percentage over prime, or is the HARP rate regulated in some way, like prime + ‘X’%?
Chris, the Amendment to HARP announced on Oct 24 states that “The maximum Loan to Value (LTV) cap has been removed on home owners looking to refinance in to a fixed rate mortgage.
Chris, I have a Chase loan as well. Do you know if all Chase loans are services by Fannie?
Chris u need to go to the fannie or freddie website to determine if either one owns it .
My house is at 87% LTV which includes a second of $73000. All my payments are on time and I am not paying PMI. I took out the second to avoid PMI. QUicken loans says that my loan shows up with PMI and that I could only refi my first under Harp not the secon. They asked to see my HUD when I told them I am not paying PMI. I called Citi would services my first and it is Fannie Mae and they told me my loan does not have a special code so I do not qualify for Harp. No one their can explain to me why. Very frustrating. I meet all criteria. Can anyone help?
Only some loans that are backed by Fannie/Freddie actually qualify for the program. The only way I have heard of to know for sure is to have a mortgage person take a full credit application and run you through Fannie’s automated system and then it will tell you in the summary weather you loan qualifies or not
I HAVE PMI INSURANCE ON MY MORTGAGE THROUGH BANK OF AMERICA
I HAVE A FREDDIE MAC LOAN, WAS TOLD TO CHECK BACK IN FEB.2012
WILL I QUALIFY IN THE COMING MONTHS OF 2012 TO REFINANCE AS I;M UNDERWATER ?
Heidi,
Bank of America is the mortgage insurance company?
The new program allows for PMI.
http://harp-mortgage.com/mortgage-insurance/
I have LPMI which is through Bank of America, which I was not aware of.
I was told I could not be helped, to call back in Feb. of 2012 My question is will I be able to apply to any other lender, provided the new guidelines comes available for those with LPMI to qualify ?
Heidi,
From the new guidelines I read, it sounds like loans with LPMI are not eligible for the program.
Heidi, I was told the same thing by BOA. They said because i had mortgage insurance they said to check back in Feb to see if they removed the 105% ltv. I did a little research and it looks like we may be able to go to another participating lender to do the HARP refinance. Check Freddiemac.com.
My loan was funded by Fannie Mae, I closed on October 2008 at 5.875% I bought my house for 269,000 and my balance is about 232,000 + i pay pmi, my house is worth about 246,000 and i have a credit score of 700+ can i refianance?
246,000 according to zillow.
Hi Rafael,
You should be able to refinance but the fact that you have MI may be a problem but won’t know for sure until the guidelines are released. If you are in California and would like to send me an email I can check back with you when the rules are released.
yes I am from southern California
Paschal I have the same problem can let me know also,about the new HARP PROGRAM
My 7 yr arm doesn’t go variable until July 2013. It is fixed until then. Would my loan be considered fixed with no LTV cap or variable with 105% under HARP II?
Hi Mike,
The guidelines refer to the new loan that you would be taking out. The 105% cap would only apply if you were looking to refinance into a new ARM. If you would like mor details and are in California feel free to email me; I am a direct mortgage lender.
Regards
To: Paschal C
Can you email me I would like details and I’m in southern CA
thanks!
Paschal,
Would you please email me more information regarding the HARP? Perhaps we can sign up with your company.
We qualify for the new HARP, except our loan closed in 12/2010. Is that an acceptable date?
No, June 1st 2009 was the cutoff date.
I am currently in a 6.25 interest only loan with a 230,000 loan with the house worth 160,000 … I am current on payments and wondering if I can use the new HARP 2.0 ?
When the LTV cap is removed by Fannie and Freddie in the new year you should be eligible.
I have mortgage loan through Citimortgage. I called to apply for HARP refi under new guidelines that eliminate 125% LTV requirement. The old HARP was of no use to me because my homes LTV exceeds 125% LTV. However, I was told that my “Freddie Mac code” qualified me only for the 125% LTV loan program, not the new one. Again, I meet all the publicly stated requirements for the new HARP loan, but am being told that I can only apply for the 125% LTV loan. Anyone heard of this or received the same information?
I am assuming the code is being generated by LP (Loan Prospector) Freddie Macs underwriting software. Freddie mac has not yet implemented the above 125% LTV program.
http://harp-mortgage.com/harp-program-faq/
I was just told by CitiMortgage the exact same thing – that I only qualify for 125%. When I explained the cap had been lifted, I was told that “only a few” mortages qualify for loans above 125%. When I asked what the criteria was, I was told it was just a decision made by CitiMortage and Freddie Mac. I was also told I couldn’t go to other lenders – only my existing mortage holder can take advantage of HARP. Is this true?
Hi Joyce,
They don’t know if you will qualify or not yet for HARP 2.00 because the underwriting software has not been updated to reflect the new changes. The changes won’t go into effect until March of 2012. If you are in California feel free to email me for more info as I am a direct mortgage lender.
Regards
Can you please email me your information? I would like to speak with you about my Chase mortgage loan.
Thanks
r.castro_77@yahoo.com
I have a property which I own that has a 5/1 adjustable rate mortgage at 6% and is ending in the next month. This property was previously rented through section 8 and was declared on my tax returns as such. I’ve recently contacted my lender (chase/freddie owned) and they are qualifying my loan under the HARP program to modify to a 30 yr fixed mortgage.
My question is when they ask for my tax returns and see that I declared this property as an investment in the past, will that make me ineligible to qualify for the HARP refi? and are you allowed to refi a rental property if they declare this as a rental since it was rented in the past? Will they ask for any type of support showing it’s not longer rented? thanks.
Ditto – sounds good
Hello,
Does anyone know if a HARP loan can be denied based on your status within the USA? I am Canadian and have lived in the USA since 2000. I have owned my home for 5 years and have a credit score of around 780. Well Fargo denied me my refinance based on me not having a visa. I work on a TN-1 which is based on NAFTA. Any thoughts or experience with this? Please post a link to a good site for future reference. Thank you
Mark,
They should know that a TN-1 IS a visa. Go to “travel.state.gov” and there is a ton of info on all State Department programs, including visa classification.
I have heard both yes and no on the question of whether HARP can apply for second homes. If someone can point me toward any written guidelines that say it is, I would be extremely grateful.
I just refied under HARP for my investment property. It can be done, not sure where you can get it in print however.
Tim–did you use your existing lender?
My original loan started out with Midland Mortg which was apart of Fannie May..It was sold to MGC Mortg which Say THERE NOT A LENDING COMPANY…Is there any help out there for me?? I tried to re-fi and got a low apprasial.
I am currently with Bank Of America (Originally Countrywide) & when I asked the BOA local broker about HARP for me he said I didn’t qualify because my original investor is Bank Of New York. I never dealt with Bank of New York. Can I still get the HARP program? Thank you.
I refinanced in 2008; my bank did not sell my loan to freddie/Fannie. Can I refinance under the new harp program?
My loan was just sold from BofA to Green Tree. I thought I was perfect for Harp 2. I owe about 215,000 on house worth 135,000. I am also up to date on all my payments. I am also backed by Fannie and have a PMI. I was just told by green tree I would have to have paid off at least 80,000 of the original loan of 235,000 before I qualify which she said is 20% but that does not work out to 20% either? but is the 20% correct anyway?
Brett, they are wrong, and whoever you spoke to knows nothing about the new HARP program. If the loan is still owned by Fannie you are eligible for HARP 2. But the lenders have yet to make their guidelines public, though Fannie and Freddie have. If you are in California, email me.
I am in California
Tony, I have the same situation as Brett; would it be possible for me to receive some information from you also? Thank you.
Need to know what lenders are doing harp loans. I have been late with 2nd mortgage. My 1st has been modified but they will not even try to do harp to combine both because of late payments to 2nd. Any suggestions? I am in IN.
Thanks.
I have encountered the same thing …….my loan was sold to Seterus which is a loan servicer they dont do refinance….I must find my own lender..I have called several no one wants to help have enough income but my credit score is in the toilet
Harp 2 great program but no one wants the public to be successful in thier finances….sounds like the lenders want the money for themselves instead of helping the America Public….We are slave to the lenders
I was waiting to refinance my mortgage with BofA through the new HARP program as they told me I would be eligible. I called at the beginning of November. Two weeks later I received a letter from another bank, M&T Bank stating that BofA had sold my loan to them. Now, I have learned that my new bank doesn’t participate in the new HARP and that BofA and all the other banks that participate are only offering this option to existing customers. Is this something that is happening to a lot of people and does anyone have any suggestions?
I just spoke with Green Tree (I also have a loan sold from BofA) and was told I didn’t qualify for HARP 2 because the LTV was more than 99%. I told them about the new guildelines and they said that I sill didn’t qualify for the same reason. So frustrating.
Also advised that if you have “PMI” on current loan you are not elgible…which pretty much includes everyone in a 125% loan to value situation. Appears the insurance companies aren’t on board with foregoing their part of the money stream…tons of ostacles. Wonder if the President who got a bunch of play signing the 125% inclusion is actually aware of the challenges! Hard to find his e-mail address.
I agree….I wonder if President knows how much pushback we are receiving from lenders
I thought I qualified for the HARP program since I signed a Fannie Mae Note and Mortgage in 2005 (no PMI, etc.). Come to find out, Fannie Mae sold it. Now, I have no options to refinance (or sell) due to the LTV on my home. There are millions of others like myself who would benefit from the HARP program if the government extended it to those of us who are in my position or if the government provided another program for non-conforming loans.
Is there a chance that when the HARP 2.0 guidelines roll out in March 2012, the May 2009 deadline for the load origination date will be relaxed. I started my current loan application April 2009 but it didn’t actually close until Aug 2009.
I have the same problem. It’s really frustrating that they insert these restrictive rules and hoops you have to jump through so that you can’t refinance and then say in the paper that they have no idea why so few people take advantage of the HARP loans. They are just playing games with us, which is worse than if they did nothing at all.
The new HARP is of course not for anyone! why would I expect any different from banks or the government!! Our loan was taken out in 2008! it is Fannie Mae! We are never late with payments! Have excellent credit score! Think we would more than qualify to lower our payments!, but oh wait not so simple, screw you Joe, because you were not able to put 20% down at the time and had to get PMI at the time of your mortgage you do not quality, sorry, good luck keeping up with your payments!! so now what?? foreclose???
not for everyone that is, like myself! total bs!!!
This is EXACTLY our situation. I think my blood pressure went up significantly when we spoke with BofA just now (BTW — had to speak to a min of 5 diff reps before found someone who “sort of” knew about HARP). I looked at our closing docs from 6/2008 and there is absolutely NO MENTION at all of who is paying PMI or the fact that we have it at all. It sounds like this loophole is b/c the PMI ins cos. aren’t willing to give up whatever BofA is paying them – I guess. Best I can tell BA is paying $25 – I assume a month although it is NOT very clear to me at all. BofA told us to check back in a couple of months b/c apparently there are new guidelines. Did you hear that?
No, you were right the first time. HARP is a political ploy that sounds good but doesn’t actually do the public any good.
Same Here I went through Quicken Loans if you have a PMI we can help you if you bring in $18,000.00 Then they ripped me off withe a on goddly appraisl fee. and if everything may of worked the refi fee would have been about $4,500.00 These banks have just turned into Loan Sharks I also have a great credit rating and never missed a payment. Good for you bob but we just can’t help you at this time cost me $400.00 for a apprasial fee to find this out when I had already told them the value of my house already.
I left a message (3X) on this site as to why Freddie Mac blocked my loan at the computerized underwriter level. I have met all the requirements for a HARP re-fi and yet Freddie Mac blocks it. No PMI, no outstanding debt, qualifying income and my LTV is 125%. Freddie Mac owns the loan yets blocks the final step. WHY???????
Gail,
This is a question to talk with your loan officer about. Freddie Mac digital underwriting software provides codes that should give you specific answers according to the code that is being generated. Ask your lender what code is being generated when it denies you. That should help narrow down your answer.
Divorced;investment property with ex’s name on mortgage; value to loan ratio not good;does ANYONE know of a program to help people in this situation? Can’t bring $25000 to table to refi.
Ken, depends on a few things. Who owns the mortgage, payment history, credit score. The fact that it is an investment property does not elimiate the eligibility for a refi. The HARP program may have options for you. Look to see if loan is owned by Fannie or Freddie (this can be done online through each of their loan-look-up search engines). if the property is located in VA, DC, or MD feel free to email me. Otherwise contact your current mortgage company or a local lender for further information. Best of luck!
Kevin, I have a rented out property in DC that is a bit underwater. It currently has an adjustable rate mortgage, and I’s like to get it to a fixed rate loan. What are my options?
My bank is willing to do a Fannie Mae-HARP2-20 year refi! HOORAY!
Can anyone tell me what fees the bank is allowed to charge me for this process? Is there any limit, or are they allowed to just pile on any fees that they choose?
we have a 30yrs fixed mortgage and are current on our payments. we are offered the 3 step harp program through wells fargo. is that the right way to go.
We are coming out of Chapter 13 bankruptcy. Our mortgage is with Ocwen. In September of this year I was deemed disabled by my doctor after third back surgery. I worked for our county schools for 20 years. I have also applied for SS.My disability check is 50% of my normal salary. I also get a check from a personal disability insurance. We need help with getting a cheaper interest rate,ours is 8.5.We owe 9 more years. Can someone please point us in the right direction? We would greatly appreciate it.
Chapter 13 must be discharged prior to application for a refi. as for the income, you would need to prove at least a 3 year continuance of whatever income you are using to qualify. There may be options for you as well. if property is located in VA, DC, or MD feel free to email me directly. Otherwise speak with a local lender for further information.
i cant find no one localy in kc to help the # i call no one ever answers?
I have a 1st owned by Freddie and I also have a 2nd D/T not owned by Freddie . Underwater of course. What are my options to get the 2 loans together to lower the total monthly payment. Can I refinance both under the HARP Program? Please advise
Hello Lost,
I work for one of the BIG banks and we hear this everyday. The HARP 2 is still in the works and we are awaiting guidlines so that we can advice. Under current guidelines the 2nd has to be subordinated.
We have an 80/20 loan with both owned by Fannie, must husband called GMAC today about refinancing and they said we can only refi the primary loan but that we were lucky that Fannie owned both since they typically sell the smaller loan and that would have made un ineligible for the HARP Program if they didn’t own both.
I requester a hrp loan, because I have 2d loan with Bank of America, they said they only can refinance the fist. Thanks for the information. By any chance can you tell me where I can find this information. Also they want to charge 2400.for closing cost and points. Is this right
My husband and I have a condo we rent out because we would lose too much to sell. Can we refinance this rental under the new changes? We do own another house in which we live. We haven’t lived in the condo since 2008.
Thanks!
I’m in the same boat as Kristi and need to refinance an investment property….rent $300 under what it costs each month. I cannot last much longer and I currently cannot find a renter. Please help.
With HARP you can do second and investment homes.
Condos are a little harder to do
We’re in the same boat as Kristi and Anne. Can you tell us why condos are a little harder to do? We fit all the requirements for the current HARP with the exception that our condo is not owner-occupied. I tried calling Wells Fargo just now and was told that the condo had to be owner-occupied to be eligible for the new HARP program. Is there any way to point to something in writing in regard to owner-occupancy and the new HARP?
Can anyone please tell me what Bank are willing to write HARP 2.0. I have talked with Bank America & they are still telling me that the LTV is 105% & the need an appraisal. They said the HARP 2.0 loan program does not apply to Washington / Seattle area.
BOA will do whatever it takes to keep you from refinancing with HARP. Try a different lender. I did hear that you might not be able to take advantage of the new LTV rules until spring. I don’t know why that is, but it certainly isn’t because the program doesn’t apply to the state of Washington!
I meet all the listed requirements, but was told my mortgage doesn’t qualify because it was a no closing cost mortgage for Bank of America. Any validity to that?
Your probably trying to go back through BofA. Try a different lender. Go to fannie mae and/or freddie mac.com to see if your loan was backed by them first. Loan must be fannie or freddie.
What is happening is that you probably got that loan because they advertised it as having “No fees, no PMI,” and you put less than 20% down. Now BOA claims that it put PMI on those loans without disclosing or notifying you of that in any way. I have another property with the same problem. I had no idea I had something called “Lender Paid Mortgage Insurance” (LPMI) until I tried to get a HARP loan, which I qualify for in all respects. But BOA will not give it to me because they say they raised the interest rate to pay for the LPMI (which means, of course, that I am paying for it) and they refuse to say who they are paying the LPMI to. They won’t give anyone with LPMI the chance to refinance using HARP. Why, because they just won’t. Now they have codified it in the latest HARP rules. The government will do nothing about this. I sent letters to my senators and to the Freddie Mac compliance office. No one will do anything. Our government works for the banks, not us. I did ask one of the many people I spoke to at BOA if it was okay if I changed the contract that we had signed in 2007, without telling them. The irony was lost on them, I fear.
Linda,
Sorry to hear about your situation with BofA. I do believe that the new guidelines allow LPMI take a look. http://harp-mortgage.com/mortgage-insurance/ “What if my loan has lender-paid MI?”
Sam
We’re trying to refinance our underwater mortgage with HARP. We fit the requirements, but our original lender Taylor, Bean, and Whitaker – as you know – is six feet under. Our mortgage is currently held by Freddie Mac and serviced by Cenlar. We can only refinance with another lender, according to MGIC guidelines, with an LTV of 105%. According to MGIC, we have Lender Paid PMI (but we have documentation from TBW underwriting from loan closing that indicates that we have “No MI option.”) First, can you please explain what “no MI option” means? Second, would the changes and new ammendments to HARP help us refinance (we are still too far from 105% LTV to afford paying the difference)? Thank you!
Luimila, I am in the exact same boat with Cenlar!
Typically “No MI Option” means you do not have mortgage insurance on the loan. If you purchased the house using a VA loan or USDA loan no MI would be required, Also if you financed only 80% of the homes value with the primary mortgage MI would not be required.
Yes the new HARP mortgage program sounds like it would help you.
Chargers Fan is correct on most of it. When you said no MI option it can also mean the following.
When financing yourloan you would have been required to pay MI, But there are some lenders who have a no MI/PMI option where you are charged a slightly higher rate or fee to not have it.
Ditto for me as I have Cenlar as a mortgage administrator as well. I was told the mortgage firm or bank they use does not do financing or refi in my state so I have to go out on the market. I’m the perfect no risk, but underwater, home owner with about as good as it gets credit score. I can’t find any bank willing to refi me because they aren’t accepting outside their own current client base. However, some can’t because they haven’t set up a system to accept new clients under this program so there is hope for the future; perhaps things will change for better in a few months.
Similiar situation, Wells Fargo services my loan but was not the originator of the loan (used a broker) and have Lender Paid PMI (thought no PMI)so my mortgage is not eligible for HARP??
Lender Paid MI is the same as No MI Option. You didn’t pay for PMI because the lender paid for it with the premium pricing that they were getting paid back by the investor.
If you have LPMI, you do not qualify for HARP
Pete,
I believe you may have LPMI but it will have to be manually underwritten.
http://harp-mortgage.com/mortgage-insurance/
I am in a similar position. I qualify for the 125% LTV through the HARP loan program. My credit scores are above 800, no outstanding debt at all, no PMI and income qualifies. I am at the 125% LTV and all the lenders I speak to say it is a slam dunk! However, the loan gets blocked at the computerized underwriting level at Freddie mac. I have written to Freddie Mac for an explaination without results. It appears this program is a joke. All advertising and Freddie Mac website denotes particular lenders who can do the loan at the 125% LTV but Freddie Mac blocked it. Anyone else have this problem? If so do you know how to rectify the problem? Any help is appreciated. Thank you
My wife and I were married 2 years ago. We wanted to refi and add me to the deed & mortgage of my wife’s house using the equity from my home sale to drop our interest rate and payments. WF said we are qualified for a HARP refi but that the program does not allow you to add a person to the loan. This doesn’t sound right to me. Does anyone know if this is true?
HARP will allow you to add your spouse onto the loan IF it is a Fannie Mae loan. If you have a Freddie Mac loan, you are out of luck.
I wanted to re-finance to a lower interest rate. I was told that I qualified for the HARP program and to apply with my lender who is Bank of America. Bank of America took my application over the phone. About month later they sent a letter informing me that they transferred my account to Greetree Servicing,a debt collector, with barely 2 weeks notice. I have never been late or delinquent on any payments, my fico is 742. Why did they do this? Neither company has given me answers. Stating they don’t have all my information due to the transfer process. I’m also not being credited with a mortgage payment that was made for the following month after this transfer was to occur. My account was one mortgage payment ahead. Green Tree does not seem to want to recognize that payment. What are my options against both these companies? How do I file a complaint?
Renita,my story is identical to yours,7.5 years never missed a payment, just transferred to Greentree a month ago, 750 credit score, qualified for HARP. Just hung up the phone a minute ago after being told by Bank of America that I have no refinance options.
Same story here. It sounds like anyone who qualified was sold to Green Tree. Can they do this? Does anyone know if Green Tree will participate in HARP once the transferring is complete?
If Treen Tree doesn’t – You can use another lender.
File a complaint with FTC.gov, and the Consumer Finance Protection Bureau, OTS.gov and OCC. gov.
Filed a complaint with FTC. I was told by Green Tree they did not participate in HARP in Virginia. They referred me to Wells Fargo, who told me my best bet was to check with BoA since my second loan is through them. When I phoned BoA they told me I was not eligable since my primary loan was not through them. The shocker is BoA sold my primary loan to Green Tree. I feel as though they purposely sold my loan to Green Tree to keep us from utilizing HARP
Thomas and Renita — I’m under the same situation. Was a BoA customer, loan just got transferred to GreenTree. Spoke to my realtor, he said as long as it is just servicing, there shouldn’t be a problem. I too initially thought that this was a way of preventing people who qualified to refinance. Still waiting for my full loan info to finish transferring to GreenTree, was told by GreenTree that there will be no late payment fees since the mortgage was not paid on Dec. 1st. As far as the HARP goes, think I have to wait until March to actually apply, so won’t know if I’m going to face any opposition until then. I’m going to look at other lenders and see what they’re options are. Good luck!!!
Tom Im in your exact situation verbatum. If this was wall street it would be called insider trading and illegal.
Exactly how housing got in this mess in the first place..lot’s of greed, “fine print” and subtrofuge. They’re at it again and sadly the problem is so big that even the government dosen’t appear able to get ahead of it. For every solution the banking and insurance industries build an obstacle..it’s a sad state of affairs. They’re jumping over themselves to get at the “easy” loans to make it appear as though they’re on board with the program. My 4%, no second, paying down the balance loan was bought twice in one week! My 125%, great credit, up to date son can’t even get anyone to consider his application.
I was sold to greentree also, never a late payment, perfect credit. Why?
I believe our loans were sold because BofA and other big banks are about to go under.
Can I refi with a HARP loan? I have a conventional,adjustable loan and would like to go to a fixed rate loan. My mtg doesnt offer the HARP loans and my home is now upside down 20k with 8.25% can you help me if so how do I apply and with who?
Have you checked to see who owns your loan?
http://harp-mortgage.com/who-owns-my-loan/
Everybody: I don’t have my loan with Freddie Mac or Fannie May, my loan is with CHASE which fits; since I’ve spent the last 4 yrs chasing CHASE! Once I got educated on what an ARM is; “One year” later I called CHASE to change my loan from an ARM into a Fixed. Imagine how shocked I was when I was told sorry we can’t do that, you owe more on the house then the house is worth! CHASE has me right where they want me, they will not allow me to refinance either. For the last 5 yrs not one cent has been applied towards the house it’s all been interest. My job was just eliminated, once I can’t pay the mortgage CHASE can start chasing me. After reading all the replies and the different circumstance’s every one of us are going thru we are running around in circles. Until the goverment makes some hugh changes! We are forced to ride the storm out.
Bambi,
Chase may only be your servicer. Use the links on this site to see if Fannie or Freddie actually own the loan. For example, my Chase loan is actually owned by Fannie.
We have a first and equity loan on our primary residence through Beneficial. Is the new program going to allow refinance of loans like this that are not held by Freddie/Fannie?
Unfortunately you will not be able to participate in HARP unless you are in a Fannie or Freddie mortgage
Our home (owner occupied) was purchased in 2004 for $400,000 at 6.5% fixed, interest only payment for the first 10 years and then amoritizes like a 20 year mortgage at 6.5%. Our current loan servicing agent is Ocwen Mortgage. The value is at about $240,000. We pay faithfully each month and have not been late. Not sure if it is Fannie or Freddie backed. Does anyone know if this program would assist my situation? Thanks!!
Ask your Ocwen Mortgage(Servicer)or go to makinghomeaffordable.gov to check and see if your investor is Fannie or Freddie. That is one of the requirement for HARP 2 Refi. If qualified, HARP 2 refi won’t look at your LTV regardless how much u’re underwater. You can lower your rate which mean lower your monthly payment; however, since LTV is above 80% you’re required to pay monthly PPTYTX & Insurance along with Prin & Int. Good news you might be able to lower rate but total monthly housing expense might be more if currently you don’t have impound. Still currently you’re paying $2600 interest only. If you got FICO score above 720 and employment, I say shoot for rate below 4.5% 30yrs fixed. At 4.5% your Prin and Interest would be $2,026 and if you include PPTYTX & INS your monthly housing expense would be less than $2600. Huge Saving!!! You can do HARP 2 Refi Program with participating lenders and not just your current lender. Suggest you shop around.
Hi John: Thanks for your reply. I called Ocwen and my loan is a conventional loan. My total housing expense is at $2800 (int. only payment 0f $2166 and putting aside $600 for taxes/insurance). Ocwen transfered me to a loan agent and they couldn’t help because I don’t have an FHA or Fannie/Freddie backed loan. Back to square one!!
I dont understand how PMI comes into play with the HARP program and was wondering if someone could help clarify. My mortgage broker is telling me I cannot refi with HARP because I pay PMI. Is this true? If so, is there a new progam coming out that allows PMI via the HARP refi? Any expectation as to when this information will be released? Thanks!
I am 6 yrs into a 30 year fixed loan with Chase.
what do i have to do or can i get a harp re-fi.
Be careful with Chase for a HARP refinance. Chase has two places you can go for a refinance: its national call center which is the phone number on your mortgage bill and its retail division which are the friendly people at your local Chase bank. Though the company is the same, the two divisions have completely different rules for what it takes to qualify for a HARP loan. The retail people are aligned with the HARP guidelines, the call center is not. The retail people are flexible. The call center people are not. Example: The call center people sent me an email asking for documents that were not required under the Fanny Mae guidelines, promising that they would not show the documents to the underwriter. As soon as I emailed the documents, they gave the documents to the underwriter. Those coerced documents blocked me out of ever gettting a HARP loan. On top of that, the phone center people stuck me with a $395 charge on my charge card. The Chase retail people told me that if I had gone to them first, I would have gotten the HARP loan. The retail people tried three times to reprocess the loan, but the coerced documents in the system blocked it each time. Bottom line is this: never go through Chase’s call center for a HARP refinance. If you do, hire a lawyer to work with you.
Yes, you can refinance with the new HARP mortgage program, The new guidelines from Fannie Mae state that if you have PMI you must keep your PMI but are eligible to refinance.
A couple of questions on the New HARP program. First how does this work? Does the amount you owe revert to what your house is now worth? Where do you begin? By calling various mortgage companies? Do you have to have a good credit score to qualify?
They will not drop the amount that you owe to the current appraised value. The thought process behind the program is if you already have a loan with Fannie or Freddie it is in the best interest of all parties involved to allow homeowners to refinance regardless of their current situation in to a more stable program(I.E. fixed rate, lower interest rate, lower payments, etc..).
Just contact WF to do HARP 2 Refi on my Condo, reps said won’t incorp New HARP 2 til weeks from now. I have also learned with HARP Refi you’re required to have PPTYTX & HOA impounded. Currently I have 30yrs fixed at 5.875% monthly pmt $2620 without impound, HOA $200 PPTYTX $625. I’m underwater at 104% looking to lower rate & pmt. WF offer me HARP(which I qualified) refi at 4.875% with no point w/ CC included in loan monthly saving of about $217.00. However, impound is req’d which run me about at $3207/mo compare to $2820/mo(cur P+I and HOA). I don’t pay PPTYTX til Apr and Dec yearly. Confuse on whether to take the deal or not. If no impound, that would be great. Seek Help.
Impounds are required on anyone over 80% LTV. Its is a fannie and freddie requirement. It is non negotiable.
This impounding is on the new harp 2 as well? How can they do it with hoa? I understand pptytax. How do they distribute the hoa to the company? What if hoa management changes hands (ours has changed 2x in last 2yrs)?
Am I eligible if self-employed beginning in Ocober, 2010? I have been told I am not/ need 2 years financials. I receive W2 income from the company I own. Thought we were trying to promote the small business owners in USA? thanks
I just called BoA and they are telling me that it is not possible to re-fi under (HARP 2) until Feb 12. I explained that this information is contrary to what I’m reading online – but their comment seems to be “too bad”.
This would depend on your situation the HARP program FAQ has more info on the timeline and restrictions.
No, it doesn’t seem to depend on anything other than Bank of America. I spent over an hour on the phone this morning with very high hopes, only to be deflated by the new that I am eligible under the new guidelines, but BoA is unable to process or take any action until Feb 12. Thankfully 2012 is an election year.
And also it appears the flaw is in the design.
The Fannie Mae website clearly shows the following:
“DU Implementation of LTV Expansion
The changes to the LTV ratio limits described above will be implemented in DU in March 2012. Until such time as DU is updated, DU loan casefiles that receive an Ineligible recommendation due to an LTV ratio above
125% will not be eligible for delivery.”
So until such time as DU is updated, there will be no Re-Fi’s under the new HARP guidelines.
As echoed above, this level of bureaucracy may cost me my eligibility due to my own personal situation.
So, now . . . if I really must wait until March 2012 . . . then what I’m really waiting for is November 6, 2012.
Good luck to everyone who was waiting.
I understand your frustration you should call 1-888-995-HOPE to talk with the people about your situation. They are very helpful.
If your particular situation puts you over 125% and Fannie Mae owns your loan it looks like you will have to wait until March if, if I am reading it right. Have you spoken with another loan officer?
SO you can elect a new bank? Sounds like BofA is the culprit here. The regulations under which they operate long preceeded the current administration.
I thought that the HARP new program would refinace the amount your house is worth now, not what you owe. That means the payments would still be the same even if you get a fixed rate from 6 and a half percent to 4 and a half percent. What is the truth? Thank you
You are thinking of the HAMP program.
No, I am thinking of the new HARP 2 refinance. What the heck is HAMP?
HAMP is a Loan Modification program. Neither HAMP or HARP will reduce your principal. If your interest rate is reduced – your payment will be reduced….assuming the same term is used.
I want to refinance using HARP but my lender GMAC tells me i cannot as i have PMI on my Loan, They told me that a new program with HARP is coming out in Dec do i qualify? Thanks
The new HARP program allows PMI.
Do you know if that includes lender-based PMI?
No. They specifically disallow it if you bought your house and didn’t pay 20% down. It’s better if you are paying the PMI yourself. After a while (I’ve been trying to do this since August), you just realize that it’s all a scam.
do you have to go with your current lender or can you use another broker/lender? I keep getting different answers on this.
The mortgage broke from Bank of America told me that since I have PMI, I am not eligible for the HARP 2 program???????
Mortgage insurers are more than willing to allow for HARP refinances on loans that they insure. MI companies are aware of the repayment crisis that many homeowners are facing, and will provide the resources to allow them to refinance and stabilize their mortgages. Fannie Mae has been collaborating with the MIs to modify existing MI certificates so that loans with MI coverage can be easily refinanced.
JUST WAS TOLD BY GMAC THAT THEY DO NOT HAVE A PROGRAM IN PLACE FOR HARP IF YOUR HOME HAS A LPI.WHAT TO DO NEXT???
We have a first and second mortgage. Both mortgages are backed by Freddie/Fannie, but the first is thru Citi and the second is thru Wells Fargo. Can we use the Harp program to refinance both first and second into one loan? We are either underwater by about $10,000 or above by about $10,000 depending who you ask.
You can not combine the two mortgages in the new HARP Program.
Is it possible to use HARP to refinance both mortgages separately?
I just heard of a program were the 1st. works with the 2nd to modify the loans.2MP and Treasury FHA second Lien program FHA2LP.
web site. Makinghomesaffordable.gov
Ok so sick of dealing with bank of amaerica. I’m trying to do the refi with the harp and they told me since I have pmi I have to bring 6000.0o? I guess they say my house doesn’t appraise for what fannie mae will allow???? PLease help I feel like bofa just feeds me bs after bs.
There are new guidelines that are coming out today December 1, 2011 that may help you. Check with a different lender other than Bank of America. With the new program you don’t have to go through your present lender.
One of the benefits to the new HARP program is that you don’t have to go through your current lender to get the refinance done. You can use a different bank or broker. As of today, there has been very little information released to the lending community about the guidelines we must follow. My suggestion would be to inquire about the New HARP program with your local bank or contact a Mortgage broker. They will be much more willing to help you out.
We want to apply for new HARP Program. Where do we apply? Do we need to call BOA directly? What lenders are participating inthe program?
We have a 30 year fixed loan
Thank you
you all have been so helpful . Learned quite a bit. Thank you for taking time to help so many.
My current note is held by Bank of America. Must I refinance directly with them or may I choose a loan broker. Also, I currently have a fixed rate note as opposed to an adjustable. Under HARP, am I eligible to trade my fixed 30 year for a 15 year fixed? Thank You
David,
You may use any lender that participates in the program. Moving from a 30 year fixed to a 15 year fixed would be considered movement to a more stable product, so yes you would be eligible.
When I read the new guidelines it does not mention you have to currently live in the home that you want refinanced. So do you have to live in or not?
Walla, I understand the program to be owner occupied.
Yes, you do have to occupy the home.
I am with Everhome Mortgage and I am attempting to do HARP. I’ve talked to a loan officer twice who says that Everhome has the Guidelines for the Harp 2.0 but does not yet have a loan program to originate. This sounds like smoke is being blown. Can anyone tell me if Everhome should be doing Harp 2.0 loans???
My mortgage just switched to M & T Bank, called them today, I was told to call back after the first of the year, that it wasn’t passed yet???
My mortgage now is with fanniemae but it is a subprime mortgage. Will I qualify under the new HARP program
Yes, however your application must be approved by DU it can not be manually underwritten.
In your reply to my question you said that my loan app would have to be approved by D U…What is D U…. Thank you
Mike, it’s the software program used by lenders to submit the loans via automated underwriting. Desktop Underwriter is an industry term.
I was told that I did not qualify for the 3-step HARP refinance because my home is log. Is this a general rule or just arbitrary on the part of the lender I spoke to?
I’m in the process of refinancing my condo with wells Fargo. They are requiring a appraisal. Dose it make a difference that I have a condo? I thought I should not need a appraisal .
With the HARP-2 you do not need an appraisal.
So under the old HARP program those who have MI could not refinance. Is that going to change?
Suzanne, those who had MI on the existing loan did require MI on the new loan, even on the old HARP.
I understand that you are not eleigible if you are paying mortgage insurance. Obviously this eliminates a large number of homeowners. Is this true?
No, homeowners with mortgage insurance are eligible for the HARP program.
The Mortgage Insurance co. will just recertify the current insurance in place. That will stay the same. Only the loan changes.
So currently pay 61 MI if I refy now they tell me new rate would be 200 Is this true?
Someone said the payments would ballon at the end of the loan? Are there any “catches” to these loans?
The product you refinance into with HARP 2.0 has to be “a more stable product” I.E. they move you from ARM to a fixed rate mortgage.
Unlike mods, where there is usually an abrupt end to the loan with a balloon, the HARP does not. It is a new mortgage with conforming guidelines.
Although Wells Fargo has agreed to refinance my home loan the charges have eaten up what equity I had, gave me a rate of 4.875 and they want to charge me for an appraisal. Is there an agency I can speak to in order to find out if they are giving me the best they can. Would appreciate any tips. Glendale area of Arizona
Grandma,
You should probably shop around a little bit. The new HARP should not require an appraisal also the rates have not been that high since April.
The rate could be appropriate depending on credit scores. Not everyone qualifies for the same rates!
can you recommend a lender?
Note automated underwriting has to be used and only if scored without conditions can you get away from needing to get and pay for an appraisal. No lender would require an appraisal where it wasn’t required.
I am trying to do mine with Wells Fargo to and I got the same rate. However the problem is they want me to pay for an appraisal now but I don’t want to because the new Harp 2.0 isn’t in effect yet with them. I keep calling my rep and he states he don’t know when they will have the update. Now I just read on another site that Wells Fargo might not put the new guidelines in effect until March 2012. If that is the case – that sucks. Rates may even be higher by then.
Grandma, the appraisal is likely required but the interest rate is quite high. Shopping around would help you dramatically. Remember banks have their 1 guideline that overlays the program and may limit what they can do, even though it’s allowed in the program. Finding a lender over a bank gives them many “investors” to choose from.
is their a specific closing costs set by harp, in ny. to a % of refinanced loan, say 5%, on 50,000 loan thank you
I’m seeing conflicting information on whether this HARP program applies to investment property as well as owner occupied. My lender BofA doesn’t have this in place yet and was not much help in answering any questions. So will this program apply to my rental as well as my primary?
BofA has started doing HARP loans on investment properties again, I just started mine. Are you sure your current investor is either Fannie or Freddie and you don’t have mortgage insurance?
Chad – is this true? I just spoke with BofA and the person I spoke with said they are not doing HARP refinances on investment properties yet. Very discouraged – he did not seem to know anything about HARP. Do you have a contact person I can contact?
Yes, I am also seeing a lot of conflicting information about whether or not the property has to be owner-occupied. I also talked with Wells Fargo and they said it had to be owner-occupied or it was not eligible, but yet the new guidelines don’t mention anything about that. Any substantive information on this would be much appreciated.
I Talked to Huntington and cITI AND they said you could refi with harp if the no work in a non owner occupied. AFTER MARCH SUPPOSDY ANY LENDER CAN DO ANY HARP.
My banker Wells Farge is telling me I cannot do a HARP if my mortgage has a revocble trust is this true?
You cannot do a HARP “3 Step Express” with no fees if property held in a Rev Trust, but you can do a regular HARP with a “Trust Certification”. Easy !
my mortgage lender is us bank for my primary home and my rental home. both properties are under water. Primary home is like 200 thousand under and the rental 30 thousand under. Both properties are neither fannie mae or freddie mac. what are my best options.i am planning to short sale the primary home and going back to the rental house which is lesser of under water worth. i really would love to stay at my primary home though. please advise.thank you
Shera,
Here is a link for the “Principal Reduction Alternative” US bank is a lender on there.
http://www.makinghomeaffordable.gov/programs/lower-payments/Pages/pra.aspx
Got a lender in Ohio helping with HARP got a rate of 3.375 FOR 24.6 years with no appraisal.
Can you tell me of the lender in Ohio with HARP.
Laurelyn
Laurelyn- That is either a question or BS from Garrett. The no appraisal program was not in effect until today. 3.375% on a 30 year fixed would COST a borrower about 5 points. Feel free to search me, Id be happy to set you straight.
I spoke with Wells Fargo last night. I qualify for the HARP program, but like many others, they want me to spend $385 for an appraisal and the closing costs are $3600, which seem astronomically high to me. They told me that those are the going rates for closing costs. Also, the interest rate is 4.75%. They told me that because they have my current mortgage, I have to go through them for the HARP program. Is that true? Who is the Ohio lender???? I am very interested.
Lisa,
You do not have to use your current lender for the new HARP Program. There are many lenders that may do the loan for you, shop around talk to some other loan officers.
I tried refinancing through our Mortgage Holder (Wells Fargo). We were turned down because our debt to Income was high and it was an investment proeprty. Isn’t that what this program is for, to assist (Adjust) people so they can make their payments?
Fannie Mae doesn’t have a maximum Debt to Income ratio and they don’t care if it is an investment property for HARP. But different lenders have
different overrides that they can apply to the program.You may want to try some other lenders. The other issue though is that most lenders aren’t as lenient in their guidelines when refinancing another lender’s debt. I would try a couple other lenders to see what they say.
I was told the same thing from my mortgage lender (Baxter Credit Union). I really am tired of getting the run around. My husband has been out of work for 1 year and some months..we have never missed a payment the whole 6 years we have been in this house, meaning we had to put other bills off to pay for our mortgage and they still cannot help us because our DTI is too high? HELLO, of course we are going to have some kind of debt accumulated.. DUH. NO OTHER LENDER WILL TOUCH US. This is our primary residence. @ Melanie, so you are telling me that no matter what the guidelines are, the bank can override some of the qualifying criteria. That’s just great, another way to say we are losing our house regardless. My frustration is through the roof already!
I went through the whole process with Chase I was told I’d get 4.75 from my original 6.5 but never saw the Good Faith estimate. It moved fast (2 & weeks) I’m set for closing tomorrow. Just talked to the woman meeting me for closing and she tells me I’m supposed to bring $675.00 cash to the table and my interest rate is at 5.0. I verified that with the lender even though they never bothered to mention it to me. I cancelled the appt and am going somewhere else. Seems like the thing to do here.
Yes it is. Days of the bait and switch are over. Better yet, close the loan and within the first few days (your right of rescission period) rescind the loan and you will be entitled to any costs you incurred (appraisal) to be returned to you.
Isn’t the new loan an FHA loan, so it requires mortgage insurance…correct?
No
I own my home since ror more than 15 years tha is my primary home now we just refinance using the harp refinance in september 2011 now we are looking to buy a second home and move to the new home and rent the harp refinance home is that legal? if not wath can i do to make it legal? home
Yes, this is OK. It’s all about the occupancy intent when you originally applied- you can change your mind later.
You should read your loan documents. If you refinanced as owner occupied you received more favorable terms than as an investment property and you are required to reside in the property as your principal residence for 12 months. The only valid reason allowing a move would be something like relocation due to new job outside a reasonable travel distance, etc. Your decision to convert to investment property could be considered loan fraud.
Under HARP refinance for an underwater mortgage, do you end up having to pay mortgage insurance even though you aren’t on the original loan?
No, only if you already have MI is it required.
Queens, NY – Everyone has been so generous with their info. Thank you. My Q/Q – Chase has told us that we qualify for HARP, however, they’re asking for an appraisal (we’ve owned the property for 4 yrs.) & they quoted a 4.8% from 5.8% . We have good credit & have never been late/missed a payment. We also have PMI. Are these things negotiable? Thks.
JE,
From my understanding a full appraisal is not required by Fannie or Freddie, however different lenders may have different additional requirements. I would recommend speaking to another loan officer just to get a second estimate.
Freddie is requiring an appraisal now, (pre HARP 2.0), Fannie does not. Not sure if they will change with the revamp of HARP
I’m having a hard time finding a lender that does not require an appraisal or extra processing fees. Can you recommend one?
I currently have a loan with US Bank and they want to charge me at least $2500 and no guarantee my rate will decrease.
The appraisal is required, due to the need for them to know they type of MBS (mortgage backed security) that it will grouped as (if over 105% etc). It does not matter the value to get approved though
I am with chase. I have 1st and 2nd mortgates and i am on the process of refinace thur harp program. My current rate is 6.125%. they agree to lower the interest rate to 4.375%. however, they kept charging me points and i do not want to pay for points. They told me if i don’t want to buy points than go with 4.5%. they also said they can’t give no credit towards closing cost either. Closing cost is about 7K. How do i negociate with the mortgate consultant to get 4.375% without paying points?
Tu, not sure why you aren’t moving forward. If the second is included in the transaction, it is considered a cash-out in most instances. With that, there is also an additional cost. They also will limit the loan to value. The rate is good without the upfront fees. Normally points pay down the mortgage lower then .125% though. Check around but it seems like a good rate.
I have an interest only adjustable loan which matures in March. In addition, my property is $90,000. under water. I have good credit and good mortgage payment history. I was declined for the HARP approximately 4 months ago because my property was too much under water. I was informed by my lender that I would need $60,000 dollars to quality for the HARP. Would I qualify for the new HARP 2.0 program?
From what you are saying it sounds like you are the perfect candidate for the new HARP Program.
I had the same issue. Please keep me informed on what they can do for you.
Diana, you are exactly what this program is designed to help.
Diana, I also have an interest only adjustable loan and I qualified for the new HARP program. In my situation, going from an ARM to a 30 year fix sounds great, but on paper with the HARP program my monthly payments would go up $200-$300 a month. So frustrating! Anyways, this program doesn’t work for everybody. Mass media sure did a great job getting our hopes up!
I completed a deed in lieu on another property 1/12 years ago. I have never been late on my current property which I have now owned for more that 2 years. Is it possible to refinance my current home at this point? It is a Fannie Mae backed loan. I need to refinance to remove my wife’s name from loan as per our divorce agreement. Thanks
Jon, that short answer is yes you should have no problem. Having a strong file and proper explanations will help make it easier.
We refinanced (I think through HARP but not sure?) about 2 years ago to lower our interest rate. When the new modifications to HARP were announcerd last month, I ready that we could refinance and go from a 30 year to a 15 year without a dramatic change in payment – is this true? Our situation is:
Owe: $198,000
Rate: 5 1/8
30 year fixed
We’re probably $20K – $30K upside down and trying to find a way to make a dent in what we owe – can HARP help us?
Cassie,
You would really need to weigh all of your options and compare the fees you will be charged vs interest rate savings. Personally I would say paying a little extra on your current mortgage each month might be the route to take. For example if you added a $250 principal only payment each month you would knock 10 years off your mortgage. Here is a link to a good calculator to use http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx
Cassie, Cutting 160 payments by paying for closing costs is the way to go. Paying the additional money first, will never catch up with cutting 13 years off. The amortization on the shorter term also makes it a no brainer. AND if the payment is not going to change by much, then take the “additional payment” and put it in a savings account.
Giving the bank your money today for a benefit 18 or 28 years from now makes no sense. Even if it grows at 1%, it is your money and you can cut a check sooner then 10 years earlier if you choose. Sorry Chargers Fan.
Will the new HARP be available in Puerto Rico? My loan is with Fannie
Thanx
Yes
I am currently under water and would like to lower my interest rate. What are the requirements for harp as far as fees,apraisels and such? I fit all the other criteria, but cant afford to spend 5k plus to lower my rate. It would be nice to know these things before I call my lender..Thanks
I believe your lender would determine most of those fees. The fees for HARP vary between Fannie and Freddie, also certain situations have effects as well. You really need to talk to a loan officer to determine what your costs would be. For anyone to just throw out some random closing cost or interest rate is really irresponsible in my opinion.
All fees associated with your new loan will be included in your loan. There should be no out of pocket cost for you.
I called Chase about HARP & on the phone the Loan Officer was able to give me APPROXIMATE costs & interest rate. That gave me a pretty good idea of what the finances would be.
Who determines the rate for the new harp?and how do I know if I am getting the best program for my family future.
What about PMI? Before the new announcement if your loan had PMI you had to go through a bank and could only do 105% LTV. I am so tired of seeing the RATS get help but a first time homebuyer who had PMI attached to their loan at the time Fannie acquired it (and hasn’t missed or been 1 day late in 5 years!) is just told to #send. Oh, my mortgage carrier is SOLELY a servicer also, so I can’t go the 1 route available to me. Any word on PMI? PPLLEEAASSEE!!??
You shoulld be ok. Previously, they did not allow you to go elsewhere, but now have options to shop for your rate and approval.
If you had PMI, you will need it still. But it should not change.
You can exceed 105%.
Are there any refi programs for people in the following predicament:
Good credit.
Stable long term jobs.
NO Fannie Mae or Freddie Mac.
Upside down $50,000 on house.
We have been told “No” LITERALLY over 20 times.
If you know of a company that will refi us, please e mail me, dac6902 at yahoo dot com
We were told by our mortgage lienholder, Chase, that we weren’t elligble for a HARP refinance loan because our mortgage insurance was paid in advance by our lender. Will the new rules change this stumbling block?
Is your loan with Fannie Mae or Freddie Mac and what date was it purchased?
I have a Freddie Mac loan, 5/07, with MIP. B of A says no because of MIP. What banks in Al are partici[pating even with lender paid MIP?
Any lender willing to obtain MI coverage comparable to current level. Also B of A should be able to refinance your loan it will just need to be manually underwritten.
My wife and I have been trying to refinance using the harp program for about a year now. We currently have a conventional loan with BoA with built in PMI. BoA said we’re not qualified for the harp program because we have a insurance attached to my loan. The HARP program does not have such specification, this is left to the banks’ discretion(big mistake). This is their only reason for our disqualification, i don’t understand why BoA does not want to help it’s customers that are struggling to make ends meet. You just feel so helpless when these big banks like BoA are making hundreds of millions in profit and still can’t be fair to it’s customers.
Alex, each lender will have their own overlays and criteria as to what they feel is a “good loan”. You have options outside the current servicer. Also, not to kick BoA under the bus, but this is brand new and yet to be finalized. What you describe may be the guidelines of the past year and not the new program coming out.
Can mortgage brokers originate the harp program?
Mortgage brokers can originate the HARP program. What state are you in?
Yes brokers can help you get a HARP refinance. However, if you have a second mortgage, the lienholder of that second mortgage will have to agree to subordinate the second lien to the new first mortgage. If the lender who holds your second mortgage is the same lender who has your first mortgage, they will be reluctant to let your first mortgage walk away into the arms of another lender while they are stuck with just the smaller second lien.
The way it looks right now, many mortgage brokers will have to wait until March 2012. The banks will be able to start December 1, the problem is the banks are back logged 60-90 days.
I am currently up to date on my mortgage but the appraisal value of my house is about 100k less than what my current principle is on my loan. Will this program be able to restructure my principal to what the appraisal value of my house is?
No, this is not a debt-reduction program. Your principle is not cut, you are simply allowed to refinance so you can (conceivably) get a lower interest rate and/or move from an adjustable or interst-only loan into a more stable fixed rate loan.
I filed bankruptcy 2.5 years ago. All of my mortgage payments have been paid on time, but am underwater. Does the bankruptcy exclude me from a HARP?
Yes. You may be eligible after 3 years from your BK discharge date, however.
I’ve noticed the biggest misconception about HARP loans is you have to use your current lender. being in the business I can tell you that is simply not true. use any one u prefer.
Troy, this is a critical issue to me. I am a mortgage originator (w-2′d) and my lender insists that the borrower must take his loan to the same lender that currently services it. I can’t believe that is in the HARP regs,before or now. I have some 14-15 apps I need to get to work on with a lender that is serious about this program.
Fred, if your employer thinks that way, then find someone who actually reads to employ you. If you are in Florida, I would be happy to assist.
I, TOO, WAS INFORMED THAT ONLY MY CURRENT MORTGAGE CARRIER WOULD DO THE REFI. I AM HARP ELIGIBLE, MY MORTGAGE IS FANNIE MAE OWNED, AND GMAC WROTE THE MORTGAGE. I WAS ALSO TOLD I COULD RENT MY HOUSE, HOWEVER, I’VE JUST LEARNED THAT ONCE I RENT OUT, MY PROPERTY BECOMES INELIGIBLE FOR HARP. THIS FEELS LIKE SUCH A RUNAROUND.
WHAT TO DO?
CAN I APPROACH OTHER LENDERS? MY HOUSE IS ABOUT $35,000 UNDERWATER. AND IS IT TRUE I CANNOT RENT TO OTHERS? MUST I BE LIVING IN THE HOME, OR CAN I MOVE TO A WARMER, CHEAPER CLIMATE FOR THE WINTER MONTHS, TO EASE MY ARTHRITIS?
Have a convenional fixed rate loan with chase at 7,12% and would like to refinance my loan…I am currently underwater and want to get my payments down…How do I go about applying for the HARP program
Contact chase and ask them about their HARP application process.
If you are happy with Chase I would agree but you are not obligated to refinance through your lender. Also different lenders have different timelines of when they will have this program implemented. Something to take in to consideration if rates start to rise.
Bernie, just like the day you decided to buy, go find the company you want to give your money to. Find someone experienced and and if that happens to be Chase, then so be it. If not, shopping may give you a better loan.
Hello I have never been late on my mortgage or personal debt. I did have a business loan that I dfaulted on when the economy turned. It was guaranteed by me and impacted my credit score. My wife has a 790 score and as I said all our personal debt have always been paid on time. Will I qualify?
Whomever the primary applicant will be must have a credit score of at least 660.
From the new guideline released from both Fannie Mae & Freddie Mac the minimum credit score was 620.
Terry, from my review, credit scores are NOT considered to qualify. You will have issue if the defaulted debt can attach to the property as the lender will surely ask. Both will have to be on the loan if you both are on it now. You can be removed only if she can qualify individually and you are also coming off the deed or divorcing.
MtgMan your credit scores are a factor in refinancing – the mortgage company will not refi if you have lousy credit. I have been in this process for months with SUNTRUST mortgage. The govt should know that mortgage companies are scamming the american public…this is an outrage.
Several years ago I had my mortgage loan refinanced. The original loan was an FHA loan. Now BoA owns the loan. Can I refinance this loan through the HARP program?
No FHA (government loans) are not allowed.
There are a few FHA refinance programs out there.
http://fha-refinance-program.com/fha-allows-greater-refinancing-for-underwater-homeowners/
http://fha-refinance-program.com/fha-short-refinance/
http://fha-refinance-program.com/homeowner-stability-initiative/
What I learned so far is:
1- your mortgage has to be originated by Fannie or Freddy.
2- you must not have refinanced since 2009.
3- You can easily check online on F/F websites to see if your mortgage is owned by them. plug in your account # and look it up. It either says your mortgage is owned by them or not. BoA is irrelevant for harp eligibility.
I previously refinanced under this program last year and would like to again since rates have dropped significantly. Is there a limit to the number of times a person can refi under this program?
Yes there is a limit. You can only refi on the HARP program once.
Also would like info for applying for refinancing of loan not by fanny m/or freddie m for 1st & 2nd mortgages combined w/fixed rates asap!!
Programs to help underwater homeowners?
FHA Short Refinance Program.
The purpose of FHA Short Refinance is simple: allow hardworking homeowners to refinance into FHA-insured mortgages that are sustainable and affordable.
When your current lender consents to refinance, you will have the amount owed on your first mortgage readjusted at or less than 97.75% of your current home value.
http://fha-refinance-program.com/fha-short-refinance/
State & Federal Mortgage programs.
Some states have additional mortgage programs to help underwater homeowners.
http://government-mortgages.com/
http://government-mortgages.com/making-home-affordable-programs/making-home-affordable.html
Best Regards
Will this program be extended to cover loans not owned by FannieMae/FreddieMac? Our loan is owned by AmericaServicingCompany.
This is specific and exclusive to Fannie Mae and Freddie Mac owned loans which were originated prior to May 31,2009.
Have you checked to see if Fannie or Freddie is the owner? Here are the websites:
Freddie Mac: https://ww3.freddiemac.com/corporate/
Fannie Mae:
http://www.fanniemae.com/loanlookup/
If it says no match found then you do not have a Fannie or Freddie loan and would not be eligible for the HARP program.
Sjellis33, The web sites provided are pretty good indicators if your loan is Fannie or Freddie owned, but not guaranteed. To know for sure you would have to go thru a loan application. ASC may own, or may just service your loan (collect payments).
Are the new HARP guidelines available to borrowers as of today, November 15th?
Starts December 1st
I have heard that the guidelines are supposed to be released today, Nov 15. I would like to know where on the web, can they be viewed.
I came here because I am looking for the same information… Nothing in the media or on this site as of yet…
The news report I heard on major network stated the new program would be available 12/1/2011.
New applications can be submitted to HARP program lenders effective 12/01/2011.
I ALSO WOULD LIKE TO KNOW WHEN THIS WILL GO INTO EFFECT!
I understand the new guidelines came out yesterday and the program is supposed to roll out 12/6/11
How do I know whether I have a Fannie Mae or Freddie Mac loan in order to qualify for HARP?
Call your mortgage company and they will tell you.
you can check the websites:
http://www.fanniemae.com
http://www.freddiemac.com
insert your address and it will tell you if it’s backed by either agencies
will i be able refinance my rental property that is upside down?
Under the current HARP program you can refinance an investment property. It’s not limited to owner occupied.
Can homeowners whose mortgages are financed with credit unions participate in the NEW HARP program?
Only those loans originally funded as Fannie Mae or Freddie Mac loans prior to May 31, 2009 will be eligible for refinance with the HARP program.
If your home is owned by Fannie Mae or Freddie Mac it can be. You can look up your address on Fannie and Freddie’s website.
Or you can use the link “Who owns my loan” up above.
Dodd- Frank states there must be an interior inpsection appraisal on these typs of loans, so to utulize a AVM would be illegal!
What alternatives are there for loans not owned Fannie Mae and Freddie Mac?
I would like yo know when this takes effect.
Does your current loan still have to be from Fanny Mae or Fanny Mac or can it be from another leneder?
Does the harp program apply to second home mortgage?
NO
I understand the original HARP would only refinance 1st mortgages but the new one that is scheduled to roll out on 12/6/11 is supposed to allow refinances on first & second mortgages…
can a home equity loan and first mortgage be refinaced together
No, the HARP program only allows for the 1st mortgage to be refinanced the 2nd would have to be subordinated or paid off with other funds.
My financial adviser says yes it can be rolled over, not only what you owe but the full extent of the credit line. worth double checking…
HARP program is only for loans owned by Fannie or Freddie….2nd mortgages are portfolio products owned by a bank, not Fannie or Freddie, they are not eligible.
We are wanting to Refinance but, have a conventional loan. My husband does qualify for VA benefits. I was hoping HARP could help but, not having an Fannie Mae or Freddy Mac loan prevents us from doing this. Is there anyone that can help us. In 40 years we haven’t had as much as a late payment! Please Help Us.
Clarice & Joe
Clarice-
Look into the FHA refinancing options such as the FHA-HAMP program or the FHA short-refinancing option. I would find a mortgage broker who specializes in refinancing. They can be a great resource on what programs are available.
First, allowing people to refi above 25% negative equity and growing? That’s just wrong!
Second, if this is just a GREAT deal, then why is there still a CAP 5/31/09 on the age of the loans.
It is a good thing. Fannie & Freddie are already on the line for the mortgage. Allowing the borrower to refinance will improve the borrower’s cash flow and reduce the liklihood of a default. This has been possible for FHA loans forever. This is one of the first smart things I have seen done.
I believe it is a good thing, however I feel it should be for a customers PRIMARY residence only so they can keep a roof over their heads.. Investments and second homes should not apply, if you cannot afford to keep up with a mortgage payment on more than one home, I’m sorry, you should sell the others and live within your means.
Being active duty military, we have moved around and are accidental landlords. We had intentions of selling after 5 years, not holding onto it because the market collapsed. We do live within our means, think of all scenerious before offering opinions. Our property is underwater as well. Should we be left out of this deal because of the sacrifice of military?
They need to come out with a program to help everyone whose home is valued less than the balance on their mortgage and not just loans owned by Fannie or Freddie
Does it matter if my single family home is on 12 acres? It is owned by Freddie. My appraisal is 470K and loan is 380K. I am moving from primary res to investment prop and re-fi a 5/1 ARM. Thanks.
WHEN WILL THIS GO INTO EFFECT?
Please tell what the requirements for refinancing my current Fannit Mae Loan.
Thanks,
William Cunningham
can a home equity loan and first mortgage be refinanced together
I refinanced my house 2 1/2 yrs ago,with a home equity loan fixed at 6.25 .I still owe 85,000 my house is only valued at 49,000. Have a 820 score. Can I refinance,under Harp
The new HARP Guidelines are supposed to alleviate LTV requirements.
Hi Katyh,
No you can not combine your first and equity line into 1 new mortgage but you are able to refinance your current 1st mortgage and keep open your equity line, considering your equity line lender allows this. Please email with any questions. Thanks.
Did they lower the price of the refi? BOA tried to charge me 10,000 bucks just to lower my payment by less than 200 bucks per month. They wanted to charge me points and it seemed like a RIP OFF.
I would look closer at your good faith estimate, the bulk of your cost are probably not bank related rather they are title, escrows, state and county charges. If you are getting charged points you should be able to negotiate out of those
Looking to refi. Purchased house in 2008 and refinanced in Dec 2009. Does this mean I exceeded the July 2009 cut-off for this program? I owe on my mortgage approx $20-$30,000 more than my house is valued at. Would love to take advantage of this program. Please send me more info!!
You are out.
I’m interested in refinancing my mortgage to lower my payment to help us out. thanks, Sue
When can I apply and how do I start?
have small balance on first mtg. 14,000.00 at 5.75% interest. Have home equity loan for 40,000.00. What can I do to re-finance first mtg and how would I go about getting help with home equity loan which is current prime rate. I only pay the interest on the home equity loan now.Also who i seek out to help me in this situation. thanks Maureen
Looking to refi. Purchased house in 2007 and refinanced in Dec 2010. Does this mean I exceeded the July 2009 cut-off for this program? I owe on my mortgage approx $80-$90,000 more than my house is valued at. Would love to take advantage of this program. Please send me more info!!
SSS, Sorry but you can not take advantage of the HARP porgram at this time. Your loan must have been purchased by Fannie/Freddie by 6/1/2009. any loans done after that will not qualify