I'm looking into refinancing my mortgage and would like some clarification on the HARP 2 program. I refinanced in 2009.
The loan was through FHA and was initiated in May. However, it did not actually finalize until June. Have the rules for HARP been relaxed enough that I could qualify for this program now?
Answers | 5
My office can lend throughout the country, you are more than welcome to give us a call and we can walk you through your options so you can make a decision on what is best for you.
Dimitrios is correct in that HARP is for Fannie and Freddie loans which you do not have. A FHA streamline is an option but due to your comments above it appears you've missed the May 31, 2009 FHA endorsement cut off date which will make a new FHA loan significantly more expensive. An option you may want to consider instead if you project your loan-to-value at 95% or less would be to move to a conventional loan. The interest rate may be slightly higher but the MI would be much less and the MI would eligible to be removed much quicker. An appraisal would be needed but if you plan to have this mortgage long term the conventional may save you more in the long run.