New Harp Mortgage Program Guidelines [discussion]

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This topic contains 892 replies, has 2 voices, and was last updated by  P. Chun 4 years, 6 months ago.

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  • November 16, 2011 at 3:18 pm #2374

    Bernie Herron

    Have a convenional fixed rate loan with chase at 7,12% and would like to refinance my loan…I am currently underwater and want to get my payments down…How do I go about applying for the HARP program

    November 16, 2011 at 4:05 pm #2375

    Ruiz

    No FHA (government loans) are not allowed.

    November 16, 2011 at 4:07 pm #2376

    Ruiz

    Whomever the primary applicant will be must have a credit score of at least 660.

    November 16, 2011 at 4:08 pm #2377

    Ruiz

    Contact chase and ask them about their HARP application process.

    November 16, 2011 at 4:27 pm #2378

    Program Columnist
    Moderator

    From the new guideline released from both Fannie Mae & Freddie Mac the minimum credit score was 620.

    November 16, 2011 at 4:41 pm #2379

    Chargers Fan

    If you are happy with Chase I would agree but you are not obligated to refinance through your lender. Also different lenders have different timelines of when they will have this program implemented. Something to take in to consideration if rates start to rise.

    November 16, 2011 at 5:04 pm #2380

    troy

    I’ve noticed the biggest misconception about HARP loans is you have to use your current lender. being in the business I can tell you that is simply not true. use any one u prefer.

    November 16, 2011 at 5:33 pm #2381

    Vanna

    The news report I heard on major network stated the new program would be available 12/1/2011.

    November 16, 2011 at 5:45 pm #2382

    Sarah

    I filed bankruptcy 2.5 years ago. All of my mortgage payments have been paid on time, but am underwater. Does the bankruptcy exclude me from a HARP?

    November 16, 2011 at 6:45 pm #2383

    kashim butler

    I am currently up to date on my mortgage but the appraisal value of my house is about 100k less than what my current principle is on my loan. Will this program be able to restructure my principal to what the appraisal value of my house is?

    November 16, 2011 at 7:00 pm #2384

    JR Reyes

    Can mortgage brokers originate the harp program?

    November 16, 2011 at 8:14 pm #2385

    Lori

    Yes there is a limit. You can only refi on the HARP program once.

    November 16, 2011 at 10:43 pm #2386

    Alex

    My wife and I have been trying to refinance using the harp program for about a year now. We currently have a conventional loan with BoA with built in PMI. BoA said we’re not qualified for the harp program because we have a insurance attached to my loan. The HARP program does not have such specification, this is left to the banks’ discretion(big mistake). This is their only reason for our disqualification, i don’t understand why BoA does not want to help it’s customers that are struggling to make ends meet. You just feel so helpless when these big banks like BoA are making hundreds of millions in profit and still can’t be fair to it’s customers.

    November 17, 2011 at 11:20 am #2387

    Ed

    We were told by our mortgage lienholder, Chase, that we weren’t elligble for a HARP refinance loan because our mortgage insurance was paid in advance by our lender. Will the new rules change this stumbling block?

    November 17, 2011 at 11:34 am #2388

    Program Columnist
    Moderator

    Is your loan with Fannie Mae or Freddie Mac and what date was it purchased?

    November 17, 2011 at 2:49 pm #2389

    maureen andeson

    have small balance on first mtg. 14,000.00 at 5.75% interest. Have home equity loan for 40,000.00. What can I do to re-finance first mtg and how would I go about getting help with home equity loan which is current prime rate. I only pay the interest on the home equity loan now.Also who i seek out to help me in this situation. thanks Maureen

    November 17, 2011 at 3:48 pm #2390

    John

    I have a Freddie Mac loan, 5/07, with MIP. B of A says no because of MIP. What banks in Al are partici[pating even with lender paid MIP?

    November 17, 2011 at 3:59 pm #2391

    Deborah

    Are there any refi programs for people in the following predicament:

    Good credit.
    Stable long term jobs.
    NO Fannie Mae or Freddie Mac.
    Upside down $50,000 on house.

    We have been told “No” LITERALLY over 20 times.

    If you know of a company that will refi us, please e mail me, dac6902 at yahoo dot com

    November 17, 2011 at 4:42 pm #2392

    DaveS

    Mortgage brokers can originate the HARP program. What state are you in?

    November 17, 2011 at 4:44 pm #2393

    DaveS

    Yes. You may be eligible after 3 years from your BK discharge date, however.

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