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How to qualify for a Harp loan?

I wanted to apply for a harp loan and my bank states that my loan does not qualify. The bank hooked up with someone other than Freddie mac. Is there any programs that I can qualify for to get my interest rate lower and recoup from the equity hit that my duplex experienced by 1976louann.s963 from Madison, Wisconsin. May 23rd 2017 Reply


William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,683 contributions

More info needed, but in general, if your loan is owned by Freddie or Fannie, and it was originated prior to June, 2009, and does not have "pool insurance", then you could qualify for a HARP refi.. outside of that, the only way to refinance is to have sufficient equity to meet the lenders loan to value requirements. If your duplex is "owner occupied" then you only need 15% equity to refinance... if it's an investment property, then 35% equity is required.. You could bring cash to close if you need to lower your LTV to an acceptable level. Outside of that, you would have to wait till you have sufficient equity.. I'm a preferred Lender with Arizona and California being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 23rd 2017
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,683 contributions

One more thing to add. .if you are owner occupied, and your loan is lower than $366,550, you could go with FHA financing,, with FHA, you can finance 97.75% LTV, but every FHA loan has mortgage insurance as well as an upfront MI premium (which can be financed).. but it does give you another option.. I'm a preferred Lender with Arizona and California being my primary markets. 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 NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

May 23rd 2017
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SEAN WRIGHT (LANDMARKMORT)
#6 ranked lender in Wisconsin - 38 contributions

I have the same answer as below, However there is one program that will allow a duplex at 90% of the appraisal. Not the HARP loan you mention but a portfolio program that may fit your needs.I'm in Wisconsin and would be willing to work with you, email or call with your application info.

May 23rd 2017
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Larry Gray (lgray_312_247)
#3 ranked lender in California - 1,122 contributions

One other possibility may be to get a loan modification. However, if you do no want that hit to your credit now of having to have your loan modified which likely would end up at a lower rate, but usually a five year fixed period before it adjusts again. If you were to seek that route be sure and write down conversations, and better yet record them. keep excellent tracking of documents sent to them and all dates and times of each conversation and transaction. Having mentioned that, as you have heard here, you could have a portfolio loan option or FHA. FHA is likely to be a pretty low rate so that at least you can compare the monthly payment with mortgage insurance against your current monthly payment.

May 23rd 2017
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