I want to know if HARP 2.0 support rental home or second home? by sunnyo_709_238 from Tampa, Florida. Feb 24th 2012
Yes... the loan has to be owned by Fannie or Freddie and you canot have already refinaced under HARP. WilliamAcres.com
If Fannie or Freddie own it, and it was delivered to them before June 1, 2009 and has not been modified, it is eligible. Work with a local Mortgage Banker/Broker and not one of the big banks or national mortgage firms, who are really just bankers too. Unlike a bank employee, who is most likely just an order taker, a local Mortgage Banker/Broker is Trained, Tested and Licensed in all aspects of Mortgage Origination. They will have access to loan products of many lenders, not just those of one bank. More importantly, they are not going to be bogged down by the rush of applicants that are expected. Small and mid-sized Mortgage Bankers/Brokers are going to be much more nimble, resulting in faster turn-around. Already banks are taking 60 days or more to close escrow on regular loans, vs the 3-4 weeks a mortgage Banker like us needs. 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
Yes HARP 1 and 2 allow for second homes and investment properties as long as you qualify. There are some adjustments for investment properties so if you claim rental income then you have to factor those adjustments into the rate.
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