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Once you have a HARP loan is there a time limit before you can do another loan to lower your rate

by draketipark43 from Peoria, Arizona. Apr 14th 2015 Reply


Since you can only refinance through the HARP program one time it will depend on your current loan to value ratio. If your loan is not under water you should be eligible to refinance into a conventional loan subject to typical credit and income guidelines.

Apr 14th 2015
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What the time limit?

Apr 14th 2015
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No time limit. The only limitation is based on equity.

Apr 14th 2015
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Barb Lanis (BarbLanis)
#71 ranked lender in Illinois - 662 contributions

HARP can only be used one time. If you want to refinance again, you'll need some equity in the property now. There are loan programs that will go as high as 97% of the appraised value. Some homeowner's have experienced an increase in property values recently, so perhaps you are no longer underwater. It's worth looking into the current value of your property. Also, it depends on what your current rate is.

Apr 14th 2015
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,938 contributions

With HARP, you can only refinance using this program once, however if you now have sufficient equity, then you can refinance using conventional. If you have 20% equity or more, you will not need to pay a monthly mortgage insurance premium.. if you have less than 20% equity, but good credit scores, then the MI is relatively inexpensive.. 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

Apr 14th 2015
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 597 contributions

HARP has no time limits to paying off that lien. If the market has improved and you can refinance with a traditional loan then you are free to do so.

Apr 14th 2015
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