CAN HARP 3.0 HELP ME TO REFINANCE MY 5.375% LOAN ON MY RENTAL PROPERTY?
I have a rental condo bought 04/08/2009 and hasn't sold to F or Fre. My lender is Wells Fargo and they told me I'm not qualify for gov recent 25B settlement with banks because I still paying my mortgage( I am working and have credit score abot 740 and never have a late payment) . I leave in another FHA financed primary condo since 01/01/2011. My income and rent are just a few hundreds more then my mortgages, payments, expenses. I have 15k open used credit cards since 2008 and sofar couldn't payoff but lender said that doesn't mean, I have financial hardship. please tell me < 1. CAN I WAIT FOR HARP 3.0 TO REFINACE MY RENTAL PROPERTY? AND < 2. Dose FHA refinance my rental property because my primary is FHA ? . My property valeu is 20k less then my payoff balance. I want to keep my rental property because I put all my 75k saving as downpayment.Please give me your best advise.Thank You,Edmond by edi.kh_781_966 from Monrovia, California. Jul 5th 2012
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
There is no such things as HARP 3 yet. While there are talks, there is nothing official. It sounds like your rental property is non Fannie or Freddie loan, while your primary is an FHA. FHA is an owner occupied loan only, so that won't work on the rental. And if it is not Fannie or Freddie, the current HARP program won't work either.
Michelle Curtis Loan Originator NMLS 401173 (MichelleCurtisLO)
#77 ranked lender in Florida - 2,245 contributions
From what I understand your rental condo is a conventional loan but not owned by Fannie or Freddie, if that is the case you do not qualify for Harp and since the loan was originated after the cut off for the Harp program which is March 31st 2009 I'm not sure the changes for harp 3.0 address that. You may be able to refinance your FHA loan with a streamline without an appraisal, for more info give us a call.201-962-3555All The Best!Team Best Mortgage Option
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions
While HARP refinances have helped many, it is far from a perfect program. HARP 2 was a nice improvement over the first HARP program, and as of today (January 2013), the proposed HARP 3 program still does not exist. If HARP 3 ever comes out, it is expected to allow people WITHOUT a Fannie Mae or Freddie Mac loan to refinance their underwater home loans with a new FHA loan.... While it doesn't exist today, it still isn't dead... We shall see... www.HARP3-Refinance.com
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