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Can I do a HARP refi even if I had a LPMI late 2011?

Can I do a HARP refi even if I had a LPMI late 2011? by christ_629_594 from Spokane, Washington. Apr 13th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

No you cannot... to qualify for HARP, your loan must have been originated and sold to Fannie/Freddie prior to June 2009. You can however refinance anytime you want to provided you have sufficient equity.. With HARP, the LPMI certificate is transfered or re assigned, with a regular refinance, new insurance is issued.. WilliamAcres.com

Apr 13th 2012
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Michael Mullin (TheLoanConsultant)
#47 ranked lender in Washington - 12 contributions

William's answer is on the money. If you'd like to explore your options with a local Spokane based lender give us a call at 509-252-9151. We'd be honored to explore what options you might have.

Apr 13th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

Doubtful. Your question implies that you obtained this loan in 2011. HARP is only available for Loans Endorsed by Fannie Freddie Prior to June 1, 2009. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Apr 13th 2012
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Kiyoshi Inui (Kiyoshi)
#536 ranked lender in California - 109 contributions

Unfortunately you can't, because there's no way to transfer it to the new loan. The best thing to do would be to contact the lender that gave you the LPMI.... if they're still in business.

Apr 13th 2012
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Michael Patterson (MichaelPatterson)
#52 ranked lender in Washington - 73 contributions

A bit of a complicated question, so the answer isn't totally cut and dry... raises a couple more questions for you. Per my prior conversations with our MI reps, it's my understanding that if the LPMI was a Single Premium put in place by the previous lender then the premium was already paid in full. The policy on Lender Paid Single Premiums would have no additional premium to be paid and could just be transferred to the new HARP loan. The coverage would be the same. With HARP 1 there were lenders that wouldn't allow it, but MGIC for instance has waived their reps and warrants now and many servicers are allowing them to be transferred over. If the LPMI was NOT a Single Premium and it is still being billed monthly to the lender, most lenders won't allow the transfer. In theory it could be converted to a Borrower Paid MI monthly premium as long as the coverage to the lender is the same as it was before. The added monthly MI payment might kill the savings realized by a refi, but there's a possibility it could still pencil out. You'll have to find out who your current MI company is and see what their guidelines will also allow for the HARP loan transfer. As far as the late payment, the new HARP 2.0 rules state that you can have 1x30 in the last 12 months, but zero lates within the last 6 months. (Assumes all of the other qualifications are met. We have an eligibility page and a Q&A page set up if you would like to review it here: http://landhomenw.com/harp2_home.htm)

Apr 13th 2012
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