Asked by Larry Black  |  Submitted June 02, 2014

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?

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  Answers  |  5

June 04, 2014

If you are in an FHA loan currently you don't need the HARP program you can do an FHA Streamline instead, which would have much better terms for you than a HARP loan.

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.

$commenter.renderDisplayableName() | 05.29.17 @ 08:10

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June 04, 2014

Larry,

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.

$commenter.renderDisplayableName() | 05.29.17 @ 08:10

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June 19, 2014

Can I get a HARP refinance loan if my home is worth less than I owe and it no a Fannie or Freddie loan?

$commenter.renderDisplayableName() | 05.29.17 @ 08:10

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June 19, 2014

What isa HARP 2 loan?

$commenter.renderDisplayableName() | 05.29.17 @ 08:10

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February 06, 2015

While this question isn't new, I wanted to point out that FHA just lowered the annual mortgage insurance premiums for new FHA borrowers (effective 1/26/2015). Anyone who took out an FHA loan over the past couple of years may lower their mortgage insurance by as much as .5% per year, but only if they do an FHA streamline loan. The only cost added to those loans is the HUD fee, no lender/title/other costs can be added. Those are very simple: no appraisal or income documents are needed. In most cases, I lower the actual interest rate as well, resulting in further savings. I write loans nationally, including FHA streamlines, and am always glad to help.

$commenter.renderDisplayableName() | 05.29.17 @ 08:10

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