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Question about HARP 2

I see the guidelines of HARP 2.0 Eligibility & Qualifications on Lender411 site. If I have one is fail, could I qualify this program? Do I want to find the same bank to do this program or not? If so, do I provide the income information or not? Thank you so much for your reply as soon as possible. by seansi_407_226 from Orange, California. May 15th 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,722 contributions

HARP 2.0 is a conventional refinance product which is insured by fannie/freddie. The lender has the money to lend but if they eventually want to sell the loan to fannie/freddie, they need to comply to the guidelines... the lender can and often does have their own "overlays" or additional guidelines. If you read the Eligibility and Qualifications for HARP 2.0, and you see something in there that you feel will disqualify you, you should still seek out advice from a mortgage broker. But a broker, not your current servicer and not one of those big banks...and preferably someone local rather than one of those 50 states or internet lenders... the LOCAL broker is familiar with local customs and intricacies of your area and is used to dealing with them... because he's a broker, he has lower over head than the big banks and can offer you lower rates and fees. He also deals with many lenders rather than just one, so it's easier for him to find a loan product for your particular scenario. 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

May 15th 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

i do harps, but i do not have all of the overlays that the banks and other lenders do. email me at yourloanpartnerforlife@live.com or call me at 602-330-1598 and give me a explanation of what you have .. no, your same bank , depends on who it is, will probably not want to do the harp they like the higher interest rate that they are getting from you my website is www.yourloanpartnerforlife.com i have my pic and contact infor under contact you might have to copy and paste and put my website into your browser, .. i do not post my pic on this site.. and i can close harp loans within a few weeks, so we could be done before the end of the month, and then you would not pay your new lower payment until july..linda

May 15th 2012
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Kiyoshi Inui (Kiyoshi)
#536 ranked lender in California - 109 contributions

Applying for HARP 2.0 is like applying for a traditional refinance. Your bank is at no advantage, because you loan is technically owned by Fannie Mae or Freddie Mac. Try getting a quote from your lender, and also from others to be certain you're getting the best deal. Feel free to contact me if you're curious on where you stand on today's market. Kiyoshi 619-822-2407

May 15th 2012
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Todd Tholl (toddtholl@leader1.com)
#4 ranked lender in Iowa - 239 contributions

all good answers here already. Contact a local mortgage banker/broker

May 15th 2012
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Blake Kleckner (BlakeK)
#389 ranked lender in California - 258 contributions

The best advice I can give you is to stay away from the banks for a HARP 2 loan, or any type of home loan for that matter. The reason is that you're stuck with only their programs and banks, typically, aren't very generous with their interest rates or costs. I'm currently doing a HARP 2 refi for a client whose loan is presently with Wells Fargo Bank, which is also 1 of our lenders. She was going to do her refi with WFB until we spoke. Not only did I reduce her interest rate by an 1/8th of a point saving her $30/mo., but also saved her $3,000 in costs. Go figure! How does it seem possible that a mortgage broker could do a loan with the very bank the client's loan is with at a lower interest rate and costs? Banks routinely take advantage of their clients because they can. Unless you are extremely mortgage loan savvy, sitting down with a loan officer at a bank is not something you want to do. When getting a mortgage loan, you need an advocate, someone who knows the ins and outs of mortgage loan structuring, and will look out for your best interests. The loan officers at banks most certainly don't do that. Their loyalty is with their employers. If I understand your question correctly, you're wanting to know because you were declined at 1 bank should you go to another. Based upon what I just explained about banks, my answer is no. However, just because you couldn't qualify at a bank doesn't mean you can't qualify for the refi. This is an extremely creative business and you need to align with someone who works with many lenders to offer your loan to. Give me a call 16/7, or email me, 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 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.

May 18th 2012
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