HARP Now Accepting loans with MI!!!!

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
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San Diego, California
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Scratch the possibility of LPMI...I have some strange loan that lifted requirements for any PMI which excludes me from harp. Ugh I'm stuck in this crappy loan and there's no end in sight. Any idea of anyway around this?
Ah....Now I see what's going on, I think you may have to either wait for an update with Fannie Mae/Freddie Mac's automated system which could have happened during the time period of your last post. Also many homeowners are now finding that they don't owe more than the home is worth. If this is the case, programs start at having 3.5% equity for FHA and 5% equity for conventional. If this is something I can help with please don't hesitate to ask. I wouldn't mind taking a look deeper to find out if there are any alternatives available to you at this time.
 

douglasadietz

LoanSafe Member
Aug 8, 2012
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Ah....Now I see what's going on, I think you may have to either wait for an update with Fannie Mae/Freddie Mac's automated system which could have happened during the time period of your last post. Also many homeowners are now finding that they don't owe more than the home is worth. If this is the case, programs start at having 3.5% equity for FHA and 5% equity for conventional. If this is something I can help with please don't hesitate to ask. I wouldn't mind taking a look deeper to find out if there are any alternatives available to you at this time.
I was able to refi under HARP when the stipulations were changed in Oct 2012. Closed on the loan in Nov 2012...now if only the value of my house would get above water but Toledo, as is much of the midwest never recovered home values that dropped beginning in 2008.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,099
181
63
San Diego, California
www.loansreduced.com
Congratulations on your refinance! We have been seeing a very dramatic increase in home values here in California so I would assume you might start seeing that soon if you haven't already.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
Jan 14, 2011
2,099
181
63
San Diego, California
www.loansreduced.com
To update this post, we have now removed all HARP Overlays, we have no FICO requirement and underwrite directly off of Fannie Mae & Freddie Mac guidelines. Manufactured homes are now also eligible, one of our borrowers finished signing his loan documents today. I also read a previous post in this article about New Jersey, we are licensed in New Jersey and many more states, here is the list: AZ, CA, CO, CT, FL, GA, ID, IL, IA, KS, MD, MA, MI, MN, NV, NM, NC, NJ, OH, OR, PA, SC, TN, TX, UT, VT, VA, WA, WI & WV