Property Requirements

Published December 7, 2011.

Are there new property requirements for HARP 2.0?

Will my condo or coop have to be re-certified?

Yes, recertification of a condominium or cooperative for insurance coverage is required. Even though the lender is not required to perform a new review of the property for compliance purposes, the lender is required to confirm the existence of proper flood, hazard, liability and fidelity insurance on the property. The lender must also confirm that the condo or coop is not a hotel or part of a hotel/motel unit.

Are there occupancy requirements?

The new loan is not required to represent the same occupancy as the existing loan, since the occupancy status of the property in question may have since changed. Because of this, some properties that wouldn't comply with the standard guidelines are allowed to be refinanced under Refi Plus; these include investment properties that are cooperatives and manufactured housing, and second homes that are two to four units. Existing restrictions and regulations on property types still apply. Use this as a general guideline: If the existing mortgage was ineligible before Fannie Mae acquired it, then it does not qualify for Refi Plus; if the mortgage became ineligible after Fannie Mae acquired it, then it does qualify for Refi Plus.

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Comments (5)

  • Christine Mahoney
    January 11, 2012 at 7:48 pm |

    Can a two family home qualify for this HARP program? This is my primary residence.
    Christine

    Reply
  • summergirl
    January 10, 2012 at 10:52 am |

    Are manufactured homes eligible for the HARP program?

    Reply
  • william hubler
    December 21, 2011 at 6:53 am |

    1 live in a condo w/40 units–will this property qualify ?

    Reply
  • Ina
    December 15, 2011 at 9:42 am |

    SO … I currently live in a home and seem to qualify for HARP 2.0 .. however we are looking to purchase a new home. Will I still qualify for HARP 2.0 if the qualiied loan/property is not my primary residence???

    Reply
    • Chargers Fan
      December 21, 2011 at 9:35 am |

      Ina,

      If your current residence does qualify for HARP 2.0 I personally would take care of that first and then buy a new home next. Although from my understanding HARP will work for a secondary residence, however with this being a new program I would think the more things you through in that pot the better your chances of messing up the soup :) .

      Reply

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