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Answers (4)
- Norm D Plume, "America Needs Nixon!"
- Contributions:1670
If the loan has PMI, it's the PMI company that is the roadblock, some of the PMI companies won't transfer the MI cert on properties that went from primary to investment.
- Bridget McGee, "mdmortgagemama"
- Contributions:30
From Fannie Mae's FAQ's
Is there any requirement that the existing mortgage and the new mortgage represent the same occupancy?
No. The occupancy of the subject property may have changed by the time of the new mortgage transaction. Because the loan represents existing Fannie Mae risk, there is no requirement that the occupancy has stayed the same.
What this means that as long as you and the property qualify, the fact that it is an investment is a non-issue with the HARP update.
- Nick Pakulla, "MD DC VA Mortgage"
- Contributions:63
The fact that the property is now an investment should not prevent you from utilizing HARP. Depending on LTV you may need to wait until March 17, or go through your current servicer. On March 17th you should be able to refinance with just about any lender assuming you meet all of the requirements.
- Candace Camacho, "CandaceCamacho"
- Contributions:420
Hello Brian13784,
Take a look in our professional directory. You can search for a lender in your area and ask if they doing HARP.
Thanks,
Candace
Zillow Mortgage Support
Take a look in our professional directory. You can search for a lender in your area and ask if they doing HARP.
Thanks,
Candace
Zillow Mortgage Support
Can someone provide contact info for a knowledgeable HARP lender in Maryland?
I am having difficulty locating someone who can help me with a HARP Refinance. From what I have read I meet all the eligibility requirements, but have been unable to find someone who can do it. The loan was originally for owner occupied and now it is an investment property and this is where I run into a roadblock with most lenders.
Thanks.
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