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Can we get a HARP 2.0 loan from a different lender when we currently have PMI?

We currently have a condo in Virginia that has a balance of $208k and is valued at approximately $170k. We have excellent credit (>750), our DTI ratios are 12 and 28. Do we need to refinance directly through our current provider with PMI? Also, are there any HARP programs out ther without overlays? by jamesm_519_207 from Falls Church, Virginia. Jun 18th 2013 Reply


Peter Botros (PeterBotros)
#72 ranked lender in New York - 895 contributions

You can refinance through any lender that offers the HARP 2 program.

Jun 18th 2013
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Barb Lanis (BarbLanis)
#72 ranked lender in Illinois - 662 contributions

You can use any lender that participates in the HARP program. Be certain to mention that you have PMI because some lenders will not do transfers or are limited to certain MI companies. The overlays are on the part of the lender, not HARP. You just need to find the one that will transfer your MI, so make sure you have that conversation up front so you avoid wasting any time on your part.

Jun 18th 2013
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Peter Botros (PeterBotros)
#72 ranked lender in New York - 895 contributions

You can refinance through any lender that offers the HARP 2 program.

Jun 18th 2013
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Jeanette Salamon (Jeanette)
#66 ranked lender in Virginia - 32 contributions

You can use any lender that offers the HARP 2.0 program.....be aware there are some lenders that will only accept certain MI companies, however.Contact me @ jsalamon@weststarmortgage.com if I can help you....I'd be honored! Best of luck!

Jun 18th 2013
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Jeanette Salamon (Jeanette)
#66 ranked lender in Virginia - 32 contributions

You can use any lender that offers the HARP 2.0 program.....be aware there are some lenders that will only accept certain MI companies, however.Contact me @ jsalamon@weststarmortgage.com if I can help you....I'd be honored! Best of luck!

Jun 18th 2013
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Lynn Bossi Kinsel (LynnKinsel)
#40 ranked lender in Virginia - 59 contributions

You can refinance through a different lender, however, some lenders only accept a transfer of PMI from certain companies. Outside of this what overlays are you referring to? Also, you need to make sure your loan is owned by FNMA or FHLMC prior to May 31, 2009. Would love to answer further questions for you. I can be reached at lkinsel@mmcdcorp.com or 804-677-8588, NMLS#259819.

Jun 18th 2013
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Kiernan Brown (KiernanBrown)
#51 ranked lender in Michigan - 149 contributions

Soem lenderse will re-certify your MI some will not make sure you let any lender you work with know that you have MI on the loan currentyl and they will be able to direct you in the best way possible.

Jun 18th 2013
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Mark Shankle (MarkShankleLoans)
#70 ranked lender in Virginia - 5 contributions

First make sure you are qualified under HARP by verifying that your loan was acquired by either FANNIE or FREDDIE prior to June 1, 2009. Go to the below links to see if your loan qualifies. HARP was designed to remove the need for PMI. Make sure your lender participates and what their requirements are in their implementation. HARP will allow up 125% LTV on primary residences.FANNIE site - https://www.knowyouroptions.com/loanlookupFREDDIE site - https://ww3.freddiemac.com/corporate/

Jun 18th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,008 contributions

You do not have to go back to your current servicer if you choose not to, however of all the lenders out there, your current servicer will make it the easiest for you, when it comes to paperwork.. any other lender will have to have all your supporting documentation.. tax returns, w2's, 1099's, pay stubs, bank statements, etc.. and there are many lenders out there that will allow for PMI transfers.. however, because it's a condo, you might run into other issues that your current servicer wont have an issue with..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. 480-287-5714 WilliamAcres.com

Jun 18th 2013
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,008 contributions

You do not have to go back to your current servicer if you choose not to, however of all the lenders out there, your current servicer will make it the easiest for you, when it comes to paperwork.. any other lender will have to have all your supporting documentation.. tax returns, w2's, 1099's, pay stubs, bank statements, etc.. and there are many lenders out there that will allow for PMI transfers.. however, because it's a condo, you might run into other issues that your current servicer wont have an issue with..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. 480-287-5714 WilliamAcres.com

Jun 18th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Use any lender that offers HARP 2.0.

Jun 18th 2013
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Manuel Gonzalez (mmortgage1)
#91 ranked lender in New Jersey - 89 contributions

Depending on what kind of overlays your looking for, you have many options.Typically the only reason why to refinance with your current lender aside from them offering you the lowest interest rate, is if your loan is no owned by Freddie Mac or Fannie Mae. This would mean you don't qualify for a HARP loan. If your loan is owned by those enterprises, then you can pretty much go to whomever offers you the best rate.You seem like the perfect loan candidate for the program.I'm not licensed to Originate in Virginia, only NJ. However I can refer you to 3 magnificent lenders who can.ThanksGood Luck,Manuel

Jun 18th 2013
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Sean McCay (Sean.McCay)
#558 ranked lender in California - 4 contributions

You can refinance through any lender that offers the HARP 2 program.

Jun 18th 2013
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

The short answer is no, you do not need to go back through your current lender to refinance under HARP. You will first need to know what type of PMI you have and who the issuer is. Some lenders will only take PMI policies from certain issuers. I would start with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can better guide you. Make sure you have as much of your information available when you meet with them so they can give you the best possible solution. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jun 18th 2013
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

The short answer is no, you do not need to go back through your current lender to refinance under HARP. You will first need to know what type of PMI you have and who the issuer is. Some lenders will only take PMI policies from certain issuers. I would start with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can better guide you. Make sure you have as much of your information available when you meet with them so they can give you the best possible solution. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jun 18th 2013
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

The short answer is no, you do not need to go back through your current lender to refinance under HARP. You will first need to know what type of PMI you have and who the issuer is. Some lenders will only take PMI policies from certain issuers. I would start with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can better guide you. Make sure you have as much of your information available when you meet with them so they can give you the best possible solution. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jun 18th 2013
0
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Bert Carpenter (BertCarpenter)
#39 ranked lender in Arizona - 1,815 contributions

The short answer is no, you do not need to go back through your current lender to refinance under HARP. You will first need to know what type of PMI you have and who the issuer is. Some lenders will only take PMI policies from certain issuers. I would start with a local Mortgage Banker/Broker rather than one of the big banks or big national mortgage factories. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. We have access to loan products of MANY lenders, not just those of ONE bank, and can better guide you. Make sure you have as much of your information available when you meet with them so they can give you the best possible solution. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Certified by the National Association of Mortgage Professionals and Licensed in California and Arizona ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Jun 18th 2013
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Eric Vander Werff (Loanguy99201)
#88 ranked lender in Washington - 27 contributions

Hi jamesm_519_207 - I would love to help you with your refinance!! Eric 206-794-6388 or eric.vanderwerff@fcbmtg.com. We are FDIC so can lend in all 50 states and I do a TON of these HARP 2.0 loans with MI. Thanks!!

Jun 18th 2013
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James Mazzola (Mazzola)
#110 ranked lender in New Jersey - 313 contributions

You can use any lender that participates

Jun 19th 2013
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Kenneth Kopper (KenKopper)
#1 ranked lender in Maryland - 525 contributions

James, as long as you are dealing with a lender/broker that has access to the HARP2.0 Open Access program you should be fine. As others have mentioned, you will want to have the application run through Automated Underwriting for either Freddie or Fannie and make sure that you qualify and that your PMI will transfer.There is not a program out there without the overlays added but there are certainly ways to structure the loan if you are looking for a lower rate that what is being offered. Good luck and feel free to contact me if you would like some professional feedback or a quote on your scenario.

Jun 19th 2013
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Jason Vondrak (jvondrak)
#186 ranked lender in California - 1,722 contributions

You do not have stay with your current lender, you can refinance with any lender that offers the program.

Jun 19th 2013
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