Property Requirements
Are there new property requirements for HARP 2.0?
(2 votes, average: 5.00 out of 5)
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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.
Comments (17)
Richard
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I spoke to Green Tree today (9-10-2012) and they told me I did not qualify for HARP since I have more than four properties, although I met all the other qualifications. Green Tree called these “overlays” to the HARP program made by the lender. Can the lender add restrictions of their own to disqualify HARP applicants ?
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Debbie
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I was told that i had to many mortgages by three mortgage companies. I have five mortgages but on 4 properties. Finally someone admitted that it has to be No more than four properties not mortgages.. I did finally get two others to realize this.. I think there really isn’t a harp 2. There are way to many qualifications that keep the ones that are deserving from getting the refinancing.
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Bette
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The program is for homeowners that are trying to reduce their primary residence position. Maybe the thought is that if you are able to have multiple properties that you are not in the same position as the folks that the program was designed for??
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Robert Wallace
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Can we put our house back in our trust after we get the loan approved ?
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Shawn
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I am military and received orders to move. I have since rented my house that I am under in. Fortunately I am receiving orders to move back to the area and will move back into the house in a year. Unfortunately if I refinance now it must be as an investment property, at higher points. I heard if this move is within 9 months then I can refinance as a primary residence. Is anyone aware of this/cite a source for military? Thanks.
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Maria
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My sister was quit claim this property over 1 year ago and has been good with the mortgage payments? would she qualify for this program??
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Steve Ropeta
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I cosigned on a mortgage for a very good friend of mine 8 years ago because she was unemployed at the time. 3 months later, she was employed and still is. She has never been late or missed a mortgage payment. Chase sent her a overnight letter offering to reduce the mortgage interest rate from 5.785% to 4.75% with NO costs.
She called the number given and was told “she did not qualify because I do not live there.” I have never lived there as I have been living with my wife, elsewhere, for nearly 50 years. Chase claims that this is a government requirement that I live there. I feel this is not right and she should not be punished because I do not live there (Never did). What can I do??
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Susie
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We have an adjustable mortgage loan 2.85% which we have been paying on for 6 years, nothing but interest. We have a Fannie Mae loan and were wondering whether we would qualify for a Harp loan as a refinance? Never missed a payment.Other companies want to charge us a huge amount in settlement costs to refinance with them. (7,000.00 added to loan amount. 4.25% interest) Should we run?
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Gerry
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My service provider will not let me refinance two of my condos through the HAPR program. The reason I was given is because the condos are condo hotels. Is this a valid reason? I suspect that my service provider is not telling me the truth.
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Christine Mahoney
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Can a two family home qualify for this HARP program? This is my primary residence.
Christine
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scott
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Yes it does.
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summergirl
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Are manufactured homes eligible for the HARP program?
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william hubler
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1 live in a condo w/40 units–will this property qualify ?
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Ina
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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???
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Chargers Fan
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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
.
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Concern
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We have a mortgage on a 4 unit building and we live in one of the apartment. Does this program allow you to refinance and get cash out to pay off debts?
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Lisa
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I just got off the phone with my mortgage servicer and was told that HARP 2.0 does not allow our home in CA to qualify for refinance. Reason: it’s a secondary residence and/or an investment property. My husband and I couldn’t sell our house in 2010 when we needed to move for work to GA.
Under the OLD HARP terms, we also weren’t allowed to refinance, even though we occupied the home, because of the Ratio Value % restrictions. So, we move (work calls!) and now it’s a secondary residence that we need to refinance. But, now they won’t do it under the NEW HARP because it needs to be a primary residence.
I was told by the mortgage company that some independent loan holders (BofA and CitiBank) will allow different terms than Fannie mae, but most mortgages won’t allow more than a 105% LVR on something that’s not your primary residence.
Discouraging….on to a modification!
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