Im looking to buy a home to rent out, will i be denied a harp loan?

A HARP loan is a refinance program for current homeowners that are underwater on their mortgages. You cannot use a HARP loan to finance a purchase.

HARP is actually an acronym for Home Affordable Refinance Program and can only be used to refinance loans of homeowners currently underwater on their mortgage.

HARP is not used to PURCHASE a home, it is a REFINANCE ONLY loan product where no appraisal is necessary so you can refinance even if your under water.. if your looking to purchase a home, you can purchase a home for investment purposes.. the required down payment is 20%, however 25% is more favorable. Investment purchase loans do not require you live in the property. 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

HARP is for refinance only,not purchase.

HARP is a refinance program for homeowneres under water for both primary and investment properties,if you looking to purchase an invrstment property you will go with a conventional program(Fannie Mae , Freddie Mac or portfolio programs are available)be prepared to put out 20-25% for the downpayment.unless you go with a Home Path program which is strictly for Fannie Mae forclosed propertues.fell free to email or call with any questionsErnesto Marezemarez@thefederalsavingsbank.com301.535.5912