HARP Seasoning Requirement

cherice

LoanSafe Member
Mar 23, 2012
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In 3/2012 I was turned down for a HARP refinance because it had only been 13 months since I short sold a rental property. At that time, I was told I needed to wait two years. I have since reapplied (it's now been 26 months), and now was told by a mortgage broker I have to wait three years. I contacted my servicer ( B of A) and they told me I have to wait 7 years!

Does anyone know the actual rule for this? My income and credit are excellent and I've never missed/been late on a payment. Unfortunately, I overpaid for my house at a time when fixed rates were 6.5%. I just want to get a reasonable interest rate. My LTV is 133%.

Thanks...Cherice
(California)
 

Evan Bedard

Call 1-800-779-4547
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Aug 26, 2007
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Does anyone know the actual rule for this? My income and credit are excellent and I've never missed/been late on a payment. Unfortunately, I overpaid for my house at a time when fixed rates were 6.5%. I just want to get a reasonable interest rate. My LTV is 133%.
Hello Cherice,

Unfortunately, it seems there is a 4-year seasoning period after going though a short sale before being eligible for a refinance under HARP. There may be exceptions if you go though your current servicer, but in general:

Question: I had a property go into short sale, when can I get HARP?

Answer: There is a 4 year seasoning requirement for short sales, your credit must have been repaired in that time as well as no mortgage late payments in the past 12 months.

http://www.loansafe.org/forum/refinance/48248-harp-most-commonly-asked-questions-answered.html
 

cherice

LoanSafe Member
Mar 23, 2012
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Can you direct me to any information about exceptions through my current lender. My current lender is B of A and when I contacted them, they said I had to wait 7 years, which is worse not better. Thanks!
 

cherice

LoanSafe Member
Mar 23, 2012
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[FONT=&amp]I went back and looked at the reply I got from B of A again and specifically they said, "Fannie Mae recently changed their guidelines and are now requiring 7 years from the date of short sale if your loan to value is greater than 95%[/FONT]."

Is that true?

Cherice
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
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48
San Diego, California
www.LoanSafe.org

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
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Jan 14, 2011
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We offer the HARP program with only a 4 year seasoning from the date the property was sold. Thanks Evan for quoting my post, I appreciate that.

The guidelines have not changed regarding that requirement, it may be a specific overlay that your current lender has.
 

Evan Bedard

Call 1-800-779-4547
Loan Safe Mortgage
Aug 26, 2007
18,837
48
48
San Diego, California
www.LoanSafe.org
Thank you Erik for always being so precise and providing the most updated information on HARP!