HARP 2 Refinance Questions Answers.

Apr 5, 2012

Today we conducted the last scheduled HARP 2 seminar / webinar.  Here are some of the common questions raised from attendees over the last 3 weeks and our answers.  Remember these answers are valid as of today and may change:

 

What are the two minimum requirements for a mortgage to eligible for a HARP refinance?     

(1)     Loan must be backed by Fannie Mae or Freddie Mac.  (2) Loan must have a securitization date prior to June, 2009

 

How do I find out if my loan is a Fannie Mae or Freddie Mac loan?

Use a web based look-up tool: 

www.fanniemae.com/loanlookup

www.freddiemac.com/mymortgage 

 

If neither Fannie Mae nor Freddie Mac has a record of my mortgage, do I have options?

Yes.  These include a traditional refinance and FHA streamline refinance.

 

If I refinanced with HARP, can I refinance with HARP II?

No.

 

Is my current lender the only lender that can refinance my mortgage under HARP?

No.

 

I pay PMI now. Can I refinance under HARP II if my loans balance is greater that the home value?

Most Likely.

 

Can I refinance a rental property or vacation home with HARP?

Yes.

 

Can I refinance a two unit property with HARP?

Yes.

 

Does HARP allow loan balances to increase, so that I do not need to bring funds to closing?

Yes.

 

Are VHDA mortgages eligible for HARP 2 refinances?

No

 

These and many other issues were covered at these events.  If we see a strong demand we may repeat them live or via the internet.

 

Click here to discuss a HARP or other refinance with a TrustMor loan officer.

 

 

 

Share this:
Share this page via Email Share this page via Stumble Upon Share this page via Digg this Share this page via Facebook Share this page via Twitter

Share with others

No Responses so far | Have Your Say!

Leave a Feedback

You must be logged in to post a comment.