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HARP 2 refi on our current home, but we want to purchase a second home soon and make it our primary residence. Is this possible?

by Zack_E from Belfast, Maine. Feb 25th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Yes.. no problem... The best advice I can give you is to contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Feb 25th 2013
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,431 contributions

Just remember that if you refinance this home as your "Primary Residence", your new loan papers (even under HARP) will have the occupancy clause in it. If you move out before fulfilling the occupancy clause, your lender can accelerate the note due to the technical default. Read the dilemma GJenne_908_650 is suffering Its titled "Scary letter received from Wells Fargo" and is farther down the questions list. This was posted only last Friday the 22nd of February. You don't want this to happen to you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

Feb 25th 2013
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Joe Shamie (Joe Shamie)
#4 ranked lender in New Jersey - 1,412 contributions

Yes. Click on the link at left for my contact info so I can review the details of what is required with you.

Feb 25th 2013
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Brian Walther (BWalther)
#73 ranked lender in Georgia - 2 contributions

Zack:You can purchase another home as long as you qualify with both payments.I'd be happy to help.Call me at 678-483-8064ThanksBrian

Feb 25th 2013
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

Yes, should be able to do this.

Feb 25th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes. Get with a Lender411 loan officer to help you with both.

Feb 25th 2013
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Mike Schults (Mikeschults)
#200 ranked lender in California - 24 contributions

You can only do a Harp2 if the loan was made before May 2009 if after that date you can't do a Harp2 but if it was for 2009 you can and buying the house later can be done if you can make both payments and service all your dept.

Feb 25th 2013
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Jason Vondrak (jvondrak)
#221 ranked lender in California - 1,741 contributions

If you meet the eligibility requirements for the HARP program, you can refinance your home loans now and purchase a home that will become your primary residence. Your will also have to meet income requirements to be able to take out a second mortgage.

Feb 25th 2013
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Peter Savino (855411LEND)
#100 ranked lender in New Jersey - 332 contributions

Yes it is possable, but there will be guidlines that will need to be met in order to do so. Should you want to discuss further I can go over such rules please email me. thank You Peter 855 411 LEND

Feb 25th 2013
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Matthew De Weese (Pacific1Lending)
#823 ranked lender in California - 55 contributions

Yes, you will be able to refinance your curent residence with HARP 2. As long as your loan was purchased by Fannie Mae or Freddie Mac before June 1st of 2009, and your meet debt-to-income and loan-to-value requirements. A lot of lenders have done away with the unlimited loan-to-value HARP's, but there are a few that still offer it for Fannie. You should have no problem purchasing a second home after refinancing, as long as your debt-to-income is still fine. Give us a call @ 888-733-4224 if you ever need any help! Our firm specializes in both Real Estate and Lending and our agents are extremely knowledgeable.

Feb 25th 2013
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