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Can you get a harp loan if you have a discharged bankruptcy

by Jp11sw91 from Lynn, Massachusetts. Oct 24th 2014 Reply

William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,369 contributions

This is not an easy question to answer.. According to Fannie Mae guidelines, there is no allotted waiting period to apply for HARP after a bankruptcy or foreclosure. As long as you are current on your mortgage payments for the past six months and have no delinquency exceeding 30 days for the past 12 months, you may qualify no matter how recent your bankruptcy or foreclosure was. Also, every file is run through an automated underwriting system (AUS), and the results must indicate approved/eligible for your loan to qualify..But you need to understand that Fannie Mae does not lend money.. They write a set of conforming guidelines to allow lenders to securitize mortgages. Each lender will have additional guidelines above and beyond Fannie Mae's... it's these overlays that some lenders have that could disallow your refinance attempt with a bankruptcy.. For this reason, it's best you contact a local mortgage broker and not your bank or credit union.. Brokers deal with numerous lenders ( i have 21) with each lender offering a different set of guidelines and overlays.. the local bank or credit union has only one program.. More options offers a greater likelihood that you can find someone willing to do your loan. 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

Oct 24th 2014
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