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can u get harp if you just bought a home

by shawtia576 from Tullahoma, Tennessee. May 4th 2016 Reply


Nancy J Releford (nancyreleford)
#4 ranked lender in Tennessee - 213 contributions

This is the first hurdle a homeowner must pass. Your home must have been endorsed with Fannie or Freddie. And not only that, but it has to have been done prior to May 31st, 2009. If you're home loan was not bought by Fannie or Freddie, the HARP 2.0 cannot apply to you, and even if it was bought by Fannie or Freddie, it still needs to have been bought prior to June of 2009. Also, you cannot have already taken advantage of the HARP program since May of 2009. Fannie Mae HARP 2 lookup Freddie Mac HARP 2 lookup

May 4th 2016
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Lorne Harvey (lorneharvey)
#1 ranked lender in Washington - 418 contributions

Nicely done Nancy!

May 4th 2016
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Jericho Cherry (Jerichocherry)
#58 ranked lender in Virginia - 1,107 contributions

Nancy Releford is correct.

May 4th 2016
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

No.. If you JUST bought a home, then it would not qualify for a HARP loan. HARP loans were intended for borrowers who bought during the market high, and their property values declined and did not have sufficient equity to meet minimum lending standards for refinancing.. Borrowers wanted to take advantage of the low interest rates, but were unable to because they were underwater.. then HARP came about.. which removed the Loan to Value (LTV) requirements and allowed those folks to refinance anyway.. so long as they were in good standing.. If you just bought your home, then it surely would not qualify for HARP since those loans must have been originated prior to June 2009. Also, there are other guidelines that apply to refinancing a home you just bought.. and depending on the loan product you used will determine how long you must wait to apply.. So without knowing all the details, it's impossible to say.. for this reason, I suggest you contact a LOCAL mortgage broker and apply with them. Once they see your complete loan profile, they will be better equipped to advise you properly. Also, by applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with many lenders with each one offering a different type of lending program. This is unlike the local bank which typically only has a few lending programs. The more lenders, the more lending options, and the more likely your scenario will be accepted.. Plus, the broker is experienced in seeking out the best loan terms for your particular scenario, and he has lower overhead which typically results in lower rates and fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com NMLS# 226347

May 4th 2016
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