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Best option for HARP on 2nd home/rental?

I have what is now a 2nd home in Northern KY that I attempted to sell after a job & life change/move. Was unsuccessful; however, I have been able to rent it out.

Long story short, currently with Wells Fargo on a 30yr interest only at 6%. With aprox 270K remaining on the loan and value more realistically around 230K I have tried in the past to refi with Wells Fargo and have been rebuffed due to their classification of it as now an investment property.

After pulling my head out of the sand and calling back asking about a HARP refi (Fannie Mae has the loan) they are now willing to work with me and have offered a 30yr fixed P&I at 4.1%. Figuring as long as I have a tenant this may be a better option for me long term as I wait for the market to rebound and therefore I'm interested in pursuing; however, while I understand why they wouldn't advertise the HARP option to me initially.... I'm still a little put off that they didn't and am wondering what my best options might be.

For what it's worth when they pulled my credit score they told me it was at 760. Sorry to be such a noob... just looking for some advice. 

Many thanks
  • October 10 2012 - Covington
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Answers (1)

That is the overlays that Wells has on investments.  Please review my profile.
  • October 11 2012
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