Can I get my home refinanced under HARP 2.0 with LPMI?

The short answer is "Yes"... having LPMI is not a deal breaker... the key is finding the lender that does them in your state.. if the policy was paid up front, then that's the easiest to transfer. If the lender is paying monthly, then there are lenders out there willing to allow the certificate to transfer... because your loan is a Freddie loan, you have less options, however, as stated earlier, there are lenders doing them.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

It definitely can be done but it sure is tough getting it done when you have lender paid MI. Do you know if it was single premium or monthly paid? That will make a difference...plus yours is an LP loan (Freddie Mac) which makes it even more difficult sadly. Contact a local mortgage broker, not one of the big banks, let them know your scenario and see if they have an outlet for you.

There are a few investors willing to do Freddie Mac HARPS that currently have LPMI. Most likely the premium is paid monthly by the lender (servicer), and was not pre-paid. This will mean that your new lender will require the policy to be converted to a borrower paid monthly. So far I have seen most of these require a new monthly PMI premium to the borrower that ate up most of the interest rate savings. Take your search locally to Mortgage Bankers/Brokers that are located in your state. You may have to call them all to find one, but there should be at least one that can help you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com 888-889-9950

As long as the mortgage insurance premium was paid in full at closing to the mortgage insurance company then that in itself should not keep you from refinancing under HARP. Now all lenders may have overlays that will make qualifying more stringent and Freddie on a whole is a litte tougher than Fannie. If you would like to go through your scenario, please contact me using the information belowJoe CafieroGuaranteed Rateph: 484 348 1781email: joe.cafiero@guaranteedrate.com

Having LPMI isn't an automatic deal killer, but it sure can feel that way. Because of the difficulties in transferring the mortgage insurance behind the scenes, many lender simply balk at even attempting it. There are lenders willing to try, you just need to find one.

As others have said, it can be done. You just need to find a lender that will do Freddie HARP's with LPMI. Good Luck!

As long as you understand that monthly MI will likely be required on the new loan. It's very difficult to find a lender that do LPMI on a HARP. However, the monthly MI may not be outrageous because it is transferred to your new loan. In other words, the Premium will indeed be the same as it was when first obtained - only it will be monthly. I am doing one right now where the monthly MI is very small and didn't eat up much of the savings. MI premiums where much lower in the past!