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Im looking to buy a home to rent out, will i be denied a harp loan?

I was told you must live at the home to receive a harp loan Is this true? by seantate8212 from Sturgis, South Dakota. Aug 16th 2013 Reply


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

A HARP loan is a refinance program for current homeowners that are underwater on their mortgages. You cannot use a HARP loan to finance a purchase.

Aug 16th 2013
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Adrielle Edwards (AdrielleEdwards)
#902 ranked lender in California - 96 contributions

HARP is actually an acronym for Home Affordable Refinance Program and can only be used to refinance loans of homeowners currently underwater on their mortgage.

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

HARP is not used to PURCHASE a home, it is a REFINANCE ONLY loan product where no appraisal is necessary so you can refinance even if your under water.. if your looking to purchase a home, you can purchase a home for investment purposes.. the required down payment is 20%, however 25% is more favorable. Investment purchase loans do not require you live in the property. 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

Aug 16th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

HARP is for refinance only,not purchase.

Aug 16th 2013
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Ernesto Marez (Ernesto)
#68 ranked lender in Maryland - 137 contributions

HARP is a refinance program for homeowneres under water for both primary and investment properties,if you looking to purchase an invrstment property you will go with a conventional program(Fannie Mae , Freddie Mac or portfolio programs are available)be prepared to put out 20-25% for the downpayment.unless you go with a Home Path program which is strictly for Fannie Mae forclosed propertues.fell free to email or call with any questionsErnesto Marezemarez@thefederalsavingsbank.com301.535.5912

Aug 16th 2013
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