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do you have to be underwater to qualify for harp 2 ?

by jonathon_brown224... from Portland, Oregon. Oct 16th 2013 Reply


Rob Pucci (robertpucci)
#14 ranked lender in Oregon - 32 contributions

You do not. You just need to have a Fannie Mae or Freddie Mac loan taken out before June 1st, 2009 to get started. I can help you determine if you do or do not have a loan of this type, and if your situation qualifies. Please give me a call at 971-832-9108 or email me at robertpucci@greatnwloans.com. Thanks!

Oct 16th 2013
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If you carry an agency-backed loan that meets the criteria, you do not need to be underwater to qualify for the program. Contact a local licensed Mortgage Professional and they should be able to help answer the more specific questions and qualifications.

Oct 16th 2013
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Andy Harris, CRMS (AndyHarris)
#13 ranked lender in Oregon - 25 contributions

If you carry an agency-backed loan that meets the criteria, you do not need to be underwater to qualify for the program. Contact a local licensed Mortgage Professional and they should be able to help answer the more specific questions and qualifications.

Oct 16th 2013
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Scott McPherson (ScottMcPherson)
#555 ranked lender in California - 25 contributions

HI Jonathon. No you do not need to be underwater to qualify for HARP. I just did one last month and the borrower's loan to value was about 88%. To qualify for HARP you need to find out who owns your loan. If Fannie Mae and or Freddie Mac owns your loan then you may be eligible. You can call me and I can help you determine if Fannie/Freddie owns your loan. The majority of loans originated are owned by one of these entities. The next important item to find out is when your existing loan was originated, if it was owned/guaranteed prior to June 1, 2009 then you may be eligible. For more info regarding HARP or other loan programs. Please contact me Scott McPherson of C2 Financial Corp. my contact info can be found on my website. www.sandiegoloanpro.com .

Oct 16th 2013
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

No you do not, as long as Fannie or Freddie owns the loan and as Robert stated the loan was generated before June 1, 2009.

Oct 16th 2013
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Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

No you do not as long as the loan is own by Fannie or Freddie and you meet all the other qualifications.

Oct 16th 2013
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

You do not have to be underwater to qualify for a HARP refi... if you have less than 20% equity, then HARP would be ideal.. if you have more than 25%, then you might be better off just doing a non-HARP refi.. better pricing!! .. 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

Oct 17th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

No. See fine answers by other forum members.

Oct 16th 2013
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Pete Bass (PeteBass)
#30 ranked lender in Connecticut - 476 contributions

If you carry a Fannie or Freddie loan that is eligible for the HARP 2.0 programthen you do not need to be underwater on your current loan. Contact a locallender that can help you with more in depth information-

Oct 16th 2013
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Chris Barry (TheLoanDoctor)
#45 ranked lender in Oregon - 41 contributions

Harp 2 may actually be priced with higher rates than a regular refinance. You need to talk to 2-3 different lenders, and then get enough information and go with your gut instinct on who to work with.That's what I'd do.Feel free to call me if I can be a resource to you. Chris Barry 503-515-2309

Oct 16th 2013
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

Absolutely not. As a matter of fact, you may choose to go with a non-Harp based on not being underwater. The terms of a normal rate/term loan may be better than HARP.

Oct 16th 2013
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Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,240 contributions

No, it is strictly based on when the loan is dated in the Fannie or Freddie system. Sometimes it is easier to qualify for a HARP loan even if you would also fit into a "non- HARP" loan. A good loan officer will alwas look at both options to compare which is better for you. I personally have handled loans where the borrower was 25%+ underwater to some where they had 25% equity.

Oct 17th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,970 contributions

Underwater? Own more than the home is worth? No... But generally speaking, you must be above 80% loan to value to qualify for HARP, otherwise it is just a regular refinance. In MN and WI, visit www.-HARP-Refinance-MN.com

Oct 17th 2013
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Jason Vondrak (jvondrak)
#216 ranked lender in California - 1,741 contributions

You do not have to be underwater, but you must meet other criteria including that Fannie Mae or Freddie Mac owns your loan and it was originated prior to June 1st, 2009.

Oct 17th 2013
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