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It is now November, 2015. Does HARP still do mortgages on MANUFACTURED homes?

by brightstar70642 from , California. Nov 8th 2015 Reply


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Nov 8th 2015
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

It all depends on the investor guidelines; I'm a mortgage banker/broker here in California. Give me a call to see what we can do for you. Jesse Stroup California Mortgage Professional www.CaliforniaHomeLoanLender.comwww.JesseStroup.comPacific Funding GroupNMLS# 6229

Nov 9th 2015
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

Just to be clear.. HARP does not lend money, and HARP is not a loan.. HARP is a set of underwriting guidelines that lenders can choose to use when doing loans for borrowers who are underwater. By following these guidelines, they are able to sell the loans to Fannie Mae or Freddie Mac. Lenders are not required to do these loans, but if they do, they must meet the minimum lending guidelines as determined by the program. Lenders who choose to do HARP loans are allowed to add additional guidelines based on that lenders tolerance of risk. This is what we call "Overlays".. For example, HARP guidelines say if you have a foreclosure, BK or Short Sale, the mandatory waiting periods can be ignored, but some lenders choose to add an overlay requiring that you have to wait at least 2 years after to qualify.. For your scenario.. trying to refinance a manufactured home via HARP might be difficult. HARP does allow MFH's to be refinanced, however, MFH's represent the greatest risk property type for lenders.. they are the first do decline in a down market, and conversely, they are the last to appreciate in value during an upturned market. For this reason, most lenders have an overlay which disallow MFH's from their lending programs. Typically, I advise people to use someone local if they can because it makes the transaction go much more efficiently and if you have a problem, there's an office you can walk into rather than trying to get someone to pick up the phone. But your loan is going to be difficult to find, so I would say that if you come across any lender willing to do a HARP refi on a MFH, then you should go with it.. Try google, and type in Manufactured Home Refinance HARP.. and start dialing.. 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 WilliamAcres.com NMLS# 226347

Nov 9th 2015
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Larry Gray (lgray_312_247)
#593 ranked lender in California - 1,139 contributions

William Acres answered you question pretty thoroughly. HARP allows for insurance protection to enable lenders to provide fannie mae or Freddie macrefinance loans to homes currently owned by Fannie or Freddie since prior toJune of 2009. Originally the aim was to enable homeowners whose propertywas "underwater" in value to take advantage of lower rates in refinancing. At some point some homeowner's took advantage even though sufficient value had returned to the property because of 2 factors: One, they often could qualify with a much higher debt to income ratio than allowable otherwise, and two, they could take advantage of not having to pay for an appraisal. Obviously, that is still an advantage to anyone who is still eligible for HARP and therefor has not refinanced yet. With very few lenders willing to provide a HARP loan on a manufactured property, you would need to consult a broker or mortgage banker to see if they can provide it on a manufactured home. In CA though, I would think a homeowner of a manufactured home that qualified for a fannie mae or Freddie mac back in 2009 or earlier, with have an opportunity with a number of lenders to refinance due to the tremendous increase in value in California.

Nov 9th 2015
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