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Voices Member,  in

Has anyone had success with HARP? My servicer doesn't do HARP but suggested shopping other lenders. From what I gather, it's next to impossible.

Asked by Voices Member, Tue Jul 24, 2012

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Claudia Muller Gravelle’s answer
Follow the:
Does FNMA own my loan?
Does Freddie Mac own my loan? Directions.

If your loan is owned by either of these entities, you will be eligible for HARP if you acquired your loan prior to 05/30/2009.

As a mortgage banker, I can process these loans in the entire state of California. So feel free to contact me, if you would like.

If your loan is not owned by either, you will not be eligible at this time.
0 votes Thank Flag Link Tue Jul 24, 2012
Christie, If it's owned by Fannie Mae and you don't have PMI, I can do a Harp 2.0 refi on an investment property for you. Contact me through my profile and I'd be happy to assist you.
Flag Tue Jul 24, 2012
Hi Claudia, yes to all the above questions. However, I currently do not live in the propety, I rent it out. Is this an issue? The servicer is Residential Credit Solutions
Flag Tue Jul 24, 2012
HARP is a very easy process. For mortgage help, call or email for a free pre-approval in less than 10 minutes. We lend our own money and are licensed in 49 states.

We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.

Brad Neumann
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Email: bneumann@myccmortgage.com
NMLS# 948036
0 votes Thank Flag Link Sat Nov 9, 2013
HARP loans tend to be band-aids. But I imagine there is criteria that would make it a worthwhile decision. I have a few lenders who do these loans...
0 votes Thank Flag Link Mon Sep 16, 2013
A good portion of the HARP loans I have funded had been previously declined by another lender. The guidelines to HARP are very straight forward: Owned by Fannie/Freddie, obtained by Fannie/Freddie prior to 5/30/2009 (this means that your loan would probably have to had closed in March or early April, but the Fannie/Freddie sites will easily reveal the answer). Occupancy is not an issue: The program can be used equally for primary, secondary and investment property. Loan to value is not an issue: Loan to value can be 200%, if necessary. Mortgage insurance is not necessary, unless you currently have it. And, automated underwriting approval is required on all files.

HARP is actually one of the easier loan products to obtain; however, the confusion starts when individual lenders add their own over lays (additional guidelines) to the program parameters set by Fannie/Freddie. As a Direct Lender, my Company has no overlays and we have closed many, many HARP loans that were previously declined by other lenders.

Many lenders cap the loan to value on the program (the most common overlay). I know broker friends whose lender lists cap the program at 125%.

Obtaining a HARP loan is not impossible at all. And, determining if your loan is eligible for this program takes about one minute.

All my best,

Deborah
NMLS #279125

"We Listen. We Care. We Deliver."
0 votes Thank Flag Link Fri Sep 13, 2013
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