Property Requirements

Are there new property requirements for a HARP mortgage ?

Will my condo or coop have to be re-certified?

Yes, recertification of a condominium or cooperative for insurance coverage is required. Even though the lender is not required to perform a new review of the property for compliance purposes, the lender is required to confirm the existence of proper flood, hazard, liability and fidelity insurance on the property. The lender must also confirm that the condo or coop is not a hotel or part of a hotel/motel unit.

Are there occupancy requirements?

The new loan is not required to represent the same occupancy as the existing loan, since the occupancy status of the property in question may have since changed. Because of this, some properties that wouldn’t comply with the standard guidelines are allowed to be refinanced under Refi Plus; these include investment properties that are cooperatives and manufactured housing, and second homes that are two to four units. Existing restrictions and regulations on property types still apply. Use this as a general guideline: If the existing mortgage was ineligible beforeFannie Mae acquired it, then it does not qualify for Refi Plus; if the mortgage became ineligible after Fannie Mae acquired it, then it does qualify for Refi Plus.