HARP 2.0 program

Asked by Lon Mapes, Redlands, CA Wed Feb 20, 2013

I'm curious if the HARP 2.0 guidelines allow someone to refi more than once under that program on the same property?

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Joe Karns, , Lombard, IL
Tue Feb 26, 2013
In my experience, the HARP program does not allow more than one use of the program for your refinance.

Hope that helps. Thanks!
Joe
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Lon Mapes, Agent, Redlands, CA
Wed Feb 20, 2013
Good point. I have a number of friends who are in that Non-Freddie/Non-Fannie situation. I feel for them as it's the luck of the draw many times on who purchased your loan. They're getting screwed by not being able to take advantage of the historically low interest rates.
Web Reference:  http://www.reoteam.org
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Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Wed Feb 20, 2013
Welx. Some proposals have it being able to refinance non-Fannie & non-Freddie loans. That would be nice since a good chunk of the people I speak with fall into that category.
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Lon Mapes, Agent, Redlands, CA
Wed Feb 20, 2013
Thanks for the quick answers. It will be interesting to see what HARP 3.0 may offer...
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Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Wed Feb 20, 2013
Lon, one of the eligibility requirements for the HARP 2.0 program is the mortgage that is being refinanced must have been owned/guaranteed by Fannie Mae/Freddie Mac prior to June 1, 2009 (initially it was prior March 1, 2009). A new HARP 2.0 refinance loan would be made after that date, therefore the HARP 2.0 loan that was refinanced into wouldn't be eligible for another HARP 2.0 refinance again. Potentially it could be refinanced under other loan programs though (FHA, VA, non-HARP conforming, etc.). There are some proposals for HARP 3.0, but those are still being discussed in congress.

https://www.fanniemae.com/content/faq/harp-du-refi-plus-faqs.pdf has answers a lot of frequently asked questions on the HARP 2.0 program.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
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