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Where can I go to qualify for a HARP mortgage if I currently have a privately held mortgage, that must be paid off.

by Parisa_723_141 from Calverton, New York. Aug 20th 2012 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

Harp 2 is specifically for moertgages backed by Fannie Or Freddie. the much anticipated Harp 3 supposedly would be for people like yourself. If you want to email me some brief info regarding your situation, I can try to help you. I am licensed in NY, NJ my email is PBotros@OmegaLoans.net

Aug 20th 2012
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Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,828 contributions

First, make sure your mortgage is NOT owned by either Fannie or Freddie. For Fannie Mae (FNMA) use http://www.fanniemae.com/loanlookup/ For Freddie Mac (FHLMC) use https://ww3.freddiemac.com/corporate/. If your loan is not, and you do not have sufficient equity to borrow from a traditional lender, then your options really come down to the following: Pay down the existing debt to the level of equity required (FHA will allow you to borrow up to 96.5% of the appraised value; negotiate with the note holder for a refinance, or sadly give it back. If you have time, and a lot of faith, there is talk about HARP 3.0 which might help you, but at best, we probably won't see anything until next year. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

Aug 20th 2012
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Mohammad Hussain (Lyons1)
#62 ranked lender in New York - 15 contributions

HARP refinances only apply to loans backed by FannieMae or FreddieMac. However, if you would like to look into refinancing out of a privately held mortgage, we can help. Feel free to call me at 516-567-7457.Sincerely,Mohammad

Aug 20th 2012
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Kofi Akpabla (KofiAkpabla)
#21 ranked lender in Connecticut - 37 contributions

You can only refinance current Fannie or Freddie loans using the HARP program. Why must you do a HARP? What is your LTV and DTI?

Aug 20th 2012
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Linda Miller (Linda Miller)
#2 ranked lender in Utah - 571 contributions

First, check to see if your loan is backed by Fannie Mae - http://www.knowyouroptions.com/loanlookup - or Freddie Mac - https://ww3.freddiemac.com/corporate/index.html. If it is insured by one of these entities you might qualify for a HARP loan even with mortgage insurance. It does not have to be paid off. If not, then you will have to qualify based on your current loan to value. The best thing you can do is call a local mortgage professional in your area. They will give you the best answers for your situation. I would advise you not to call your existing lender. They are not usually very helpful. Good luck.

Aug 20th 2012
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Derick Condron (rightstartoregon)
#31 ranked lender in Oregon - 598 contributions

You will need to have a Fannie Mae or Freddie Mac backed mortgage to take advantage of HARP

Aug 20th 2012
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Sorry if your mortgage is privately held you will not qualify for the HARP 2.0.

Aug 20th 2012
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Brandon Peterson (BrandonPeterson)
#37 ranked lender in Minnesota - 12 contributions

Sorry. As of right now only Fannie/Freddie loans. There has been some talk about a more inclusive program but nothing rolled out right now.

Aug 20th 2012
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Thanks for the quick replies. It is my DTI that is the stumbling block. My LTV is very good as is my credit history and scores. The DTI is what keeps me from qualifying with traditional lenders.

Aug 20th 2012
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