HARP Refi Denied - What's HARP?

You may not NEED to do a HARP refi but it certainly might be priced better if the current loan you have qualifies. The thing to do is not to automatically put it in a HARP loan but prive it out and compare. The biggest issue may be your credit scores. With my clients, I typically try to enhance the scores during or before you do the new loan. There are add-on's to pricing every for every 20 points from 740 down. By raising scores we can get you better overall terms and a higher likelihood of an approval. Call me if I can help or email at jhigginbotham@summit-mortgage.com.Good luck and God bless.Sincerely,Jon Higginbotham(540)649-4001 Mobile(540)946-3711 Office

Call Melissa over at Bayfield and she can help you out with this. Bayfield has some great programs for investment properties and to give you a definitive answer we really need to ask questions and see the whole picture since not every loan isn't cut and dry. Wishing you luck with this!! Terri

If the loan is HARP eligible I would still try that before trying a straight conventional loan with those credit scores. You should be able to find a mortgage broker in your area that can run a quote for you. If she is the only one on the current loan and the loan is eligible for HARP you can't be added. I only lend in the state of Florida!

HARP stands for "Home Affordable Refinance Program". These loans are traditionally for borrowers who are in a negative equity position, however there are some benefits for borrwers with lower FICO scores. My recommendation is to shop around and compare pricing and programs that will best benefit you. Even with the lower fico score you should still be able to take care of the low rates and reduce your monthly payment. Do not get discouraged and if you have any questions please feel free to email me and I will help answer any questions you may have.

He stated that he was DENIED the harp program, so its off the table..

HARP is the Home Affordability Refinance Program, and it's a Fannie / Freddie / Government program for underwater borrowers which give them the ability to take advantage of today's current low interest rates, without the worry of Loan to Value restrictions. There is information missing within your scenario. What type of loan is there currently?? Fannie / Freddie owned loans qualify for HARP, VA / FHA / USDA have streamline refinance options available... if your loan is none of the above, then it's probably a portfolio loan. If you're underwater, then there is probably nothing that can be done for you right now. You might have heard President Obama talking about a refinance program for "All Other" borrowers, meaning all those who don't qualify under all the current refinance programs. It's in the works, so stay tuned.. There might be help on the horizon... WilliamAcres.com

Sorry, but her first mistake was using WF. Your second mistake was going back to WF. You said they turned you down for HARP, do you know for a fact that the property is HARP eligible? Check out the eligibility at Fannie Mae at http://www.fanniemae.com/loanlookup/ or for Freddie Mac at https://ww3.freddiemac.com/corporate/. If you do not find the property in either of these lists, then the home likely does not qualify. Also, HARP will not work if you have equity. You also stated that the value you are using is the tax assessor's value. In theory, the tax assessed value is supposed to mirror real market value, but that is rarely the case. If you find the home on either of the above lists, have the home value checked out using a more traditional method. You may find that there is enough equity to do this as a traditional investment property loan. Finally, make contact with a local Mortgage Banker/Broker who can assist you in getting this done. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

You do not need to do HARP at all. Go streamline, its easy quick, and for people with equity. My name is Melissa Evans, I work for Bayfield Home Loans in Stafford VA and I would love to help you out- give me a call at 540-907-9900 or email me @ melissa@bayfieldhomeloans.com :)