Property Requirements [discussion]
This topic contains 18 replies, has 2 voices, and was last updated by Bunch 4 years, 1 month ago.
December 7, 2011 at 9:33 am #2262
Find out if your property is eligible for a HARP refinance, including condos, co-ops and occupancy requirements.
[See the full post at: Property Requirements]December 15, 2011 at 9:42 am #2263
SO … I currently live in a home and seem to qualify for HARP 2.0 .. however we are looking to purchase a new home. Will I still qualify for HARP 2.0 if the qualiied loan/property is not my primary residence???December 21, 2011 at 6:53 am #2264
1 live in a condo w/40 units–will this property qualify ?December 21, 2011 at 9:35 am #2265
If your current residence does qualify for HARP 2.0 I personally would take care of that first and then buy a new home next. Although from my understanding HARP will work for a secondary residence, however with this being a new program I would think the more things you through in that pot the better your chances of messing up the soup :).January 10, 2012 at 10:52 am #2266
Are manufactured homes eligible for the HARP program?January 11, 2012 at 7:48 pm #2267
Can a two family home qualify for this HARP program? This is my primary residence.
ChristineFebruary 24, 2012 at 5:10 pm #2268
We have a mortgage on a 4 unit building and we live in one of the apartment. Does this program allow you to refinance and get cash out to pay off debts?March 3, 2012 at 2:52 am #2269
Yes it does.March 5, 2012 at 10:34 am #2270
My service provider will not let me refinance two of my condos through the HAPR program. The reason I was given is because the condos are condo hotels. Is this a valid reason? I suspect that my service provider is not telling me the truth.March 20, 2012 at 1:39 pm #2271
I just got off the phone with my mortgage servicer and was told that HARP 2.0 does not allow our home in CA to qualify for refinance. Reason: it’s a secondary residence and/or an investment property. My husband and I couldn’t sell our house in 2010 when we needed to move for work to GA.
Under the OLD HARP terms, we also weren’t allowed to refinance, even though we occupied the home, because of the Ratio Value % restrictions. So, we move (work calls!) and now it’s a secondary residence that we need to refinance. But, now they won’t do it under the NEW HARP because it needs to be a primary residence.
I was told by the mortgage company that some independent loan holders (BofA and CitiBank) will allow different terms than Fannie mae, but most mortgages won’t allow more than a 105% LVR on something that’s not your primary residence.
Discouraging….on to a modification!March 22, 2012 at 10:08 pm #2272
We have an adjustable mortgage loan 2.85% which we have been paying on for 6 years, nothing but interest. We have a Fannie Mae loan and were wondering whether we would qualify for a Harp loan as a refinance? Never missed a payment.Other companies want to charge us a huge amount in settlement costs to refinance with them. (7,000.00 added to loan amount. 4.25% interest) Should we run?March 29, 2012 at 12:07 pm #2273
I cosigned on a mortgage for a very good friend of mine 8 years ago because she was unemployed at the time. 3 months later, she was employed and still is. She has never been late or missed a mortgage payment. Chase sent her a overnight letter offering to reduce the mortgage interest rate from 5.785% to 4.75% with NO costs.
She called the number given and was told “she did not qualify because I do not live there.” I have never lived there as I have been living with my wife, elsewhere, for nearly 50 years. Chase claims that this is a government requirement that I live there. I feel this is not right and she should not be punished because I do not live there (Never did). What can I do??April 10, 2012 at 6:24 pm #2274
My sister was quit claim this property over 1 year ago and has been good with the mortgage payments? would she qualify for this program??April 13, 2012 at 9:54 pm #2275
I am military and received orders to move. I have since rented my house that I am under in. Fortunately I am receiving orders to move back to the area and will move back into the house in a year. Unfortunately if I refinance now it must be as an investment property, at higher points. I heard if this move is within 9 months then I can refinance as a primary residence. Is anyone aware of this/cite a source for military? Thanks.April 16, 2012 at 4:58 pm #2276
Can we put our house back in our trust after we get the loan approved ?September 10, 2012 at 7:52 pm #2277
I spoke to Green Tree today (9-10-2012) and they told me I did not qualify for HARP since I have more than four properties, although I met all the other qualifications. Green Tree called these “overlays” to the HARP program made by the lender. Can the lender add restrictions of their own to disqualify HARP applicants ?September 18, 2012 at 7:35 pm #2278
I was told that i had to many mortgages by three mortgage companies. I have five mortgages but on 4 properties. Finally someone admitted that it has to be No more than four properties not mortgages.. I did finally get two others to realize this.. I think there really isn’t a harp 2. There are way to many qualifications that keep the ones that are deserving from getting the refinancing.May 10, 2013 at 7:33 am #2279
The program is for homeowners that are trying to reduce their primary residence position. Maybe the thought is that if you are able to have multiple properties that you are not in the same position as the folks that the program was designed for??August 7, 2013 at 5:56 pm #2280
David, I’m afraid you raelly need legal advise for this one. It’s too important issues to let some of us yahooians answer. While it may cost you a few bucks to do this, it will be worth every dime. Do not let your home go back to them. Fight for it. You might be able to file a complaint with the FTC about Wells Fargo practices. I would want them to correct or update for all the years you have paid on time. Regardless of the bankruptcy. You can also call 888-995- HELP, it’s a counseling service approved by HUD to help homeowners. They may be able to provide some additional advise that, again, us yahooians aren’t quite able to answer for you. Best of luck!August 8, 2013 at 1:00 am #2281
Short answer: No, you caonntThat isn’t true that you don’t have the credit to buy a new home and I really, really hope that some loan oficer hasn’t told you that just b/c Wells Fargo wasn’t reporting to the credit bureau.I used to work for WF, and you can request from customer service an entire payment history that any underwriter will accept (b/c that is what I did for them).The bankruptcy is why you can’t get a loan most A-paper lenders want you a minimum of 4 years out with a PERFECT payment history post-BK.After your BK was discharged, your attorney was no longer obligated to your account any longer.
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