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HARP refinance question (2 parts)

Hello, I read on this site that for my HARP refinance to work, my loan must be owned by Fannie May or Freddie Mack. Is that correct and if so how do I find that out? My second question is what if it is not? DO i have a chance to refinace still if my credit is good and I have made payments on time, but I am upside down on the home? Your response is greatly appreciated. by NormanHanks from Milpitas, California. Feb 27th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

HARP requires your loan to be initiated prior to June 2009, and be owned by Freddie or Fannie... you can search Google for Freddie or Fannie lookup tool... it takes less than a minute.. if your loan is not Fannie or Freddie owned, you still might have a way to go.. if your loan is FHA, VA or USDA, then all 3 have built in refinance options, and you can apply right away.. if your loan is not any of the above, then your only other option is to either bring cash to the table to bring your loan amount below the appraised value, or wait to see if HARP 3.0 ever develops.. ... 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

Feb 27th 2013
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Mohamed Monem (Mohamed)
#100 ranked lender in New York - 1 contribution

https://www.knowyouroptions.com/loanlookuphttps://ww3.freddiemac.com/corporate/Above are the links to fannie mae and Freddie Mac and you will be able to determine who holds your current mortgage. Please call me with any further questions 631-234-8815 x1303

Feb 27th 2013
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Doug Gallagher (Douglas)
#833 ranked lender in California - 7 contributions

Norman, you are correct on the HARP. Your Loan must be back by Fannie May or Freddie Mack. You can use the following web site to see if your loan is with them: http://www.makinghomeaffordable.gov/tools/does-fannie-or-freddie-own-your-loan/Pages/default.aspx. If the loan is not backed by either, question I have is your loan a FHA or VA loan as they have options also.

Feb 27th 2013
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Jay Oku (lenderjay)
#839 ranked lender in California - 2 contributions

Good Morning,www.Fanniemae.com/loanlookupAnd www.freddiemac.comThe current lending environment does not offer any programs other than the HARP program for upside down equity.Feel free to contact me or complete am online loan application at www.jayoku.com and we be sure to do the due diligence for you.Never hesitate to contact me.Respectfully,Jay OkuJoku@envoymortgage.com

Feb 27th 2013
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Jay Oku (lenderjay)
#839 ranked lender in California - 2 contributions

Norman we can do the due diligence fr you to determine if your loan is owned by Fannie or Freddie.The simple process only requires you to complete the basic application at www.jayoku.com.Never hesitate to contact us.Respectfully,Jay OkuJoku@envoymortgage.com

Feb 27th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

You can find out if your loan is owned by Fannie/Freddie by going to their respective sites and inputting the required information. https://www.knowyouroptions.com/loanlookup https://ww3.freddiemac.com/corporate/ . If you dont qualify for HARP and you are upside down there is not much that can be done.

Feb 27th 2013
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Josh Lund (Josh_Lund)
#47 ranked lender in Minnesota - 113 contributions

Norman, you can look that information up at: www.knowyouroptions.com/loanlookup or https://ww3.freddiemac.com/corporate/. Just a helpful hint, put in the least amount of detail (first couple of letters in the street name, etc). The tools are a little finicky, so less information is better. The tools will tell you whether or not your current loan is with Fannie or Freddie and the date that you opened the loan. If it's May 2009 or earlier, and based upon your credit, you can definitely look at a HARP loan. They're very common now and we do several of them per day in my office. The whole point of the HARP loan is to help people who are upside down on their home but have good credit and want to take advantage of lower rates to help better your financial situation. If you need anything else, don't hesitate to reach out to our office.

Feb 27th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

Regarding the 2nd part of your question, if your current mortgage isn't backed by Fannie or Freddie, any option is in the hands of congress. They will possibly be discussing and hopefully passing a bill to revise the HARP program to include other mortgages that were sold to private investors.

Feb 27th 2013
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Blake Kleckner (BlakeK)
#389 ranked lender in California - 257 contributions

That is correct. For Fannie go to https://www.knowyouroptions.com/loanlookup. For Freddie go to https://ww3.freddiemac.com/corporate. If your loan was not purchased by either, there is still a possibility that you can refinance depending upon how upside down your mortgage is, and some other factors. I have done many HARP 2 (H2) loans and have saved some of my clients in excess of $600/mo. I recently did one for a client whose home had a loan-to-value ratio (LTV) of 160%, and I'm currently working on one for a client whose home has a 170% LTV. If your loan was purchased by Freddie, you have far fewer lender options than if it was purchased by Fannie, with much lower LTV limits. Contrary to anything you may have heard or read, unlimited LTVs are not allowed on all H2 loans. That's the way the government planned it, but the lenders decide what the LTV limits will be. Fortunately, we have lenders that will do both Fannie and Freddie purchased H2 loans with unlimited LTVs, should it be necessary. Give me a call 16/7, or email me your phone number so I can call you, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 40 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

Feb 27th 2013
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Norman Hanks won't be responding because he signed up for an account on this site with an incorrect email address.

Feb 27th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Your second question: it is up to your current lender to determine what they will do, if anything.

Feb 27th 2013
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