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Do I qualify for harp if loan balance is $112K, and appraisal is $130K ?

I live in NM and have a rental property that has a mortgage at 6.675%. I have tried to refinance to lower my payment, but appraisal does not come in at enough to give me 20% equity. I also have PMI because I didn't have the 20% down payment when I purchased the property 6 years ago. My total PITI including the PMI is $978 month. My rental income is $1000 month, so that covers the payment, but I pay utilities of almost $300 month, and that is out of pocket. The mortgage is with Wells Fargo, and the local loan officer here for them isn't interested.
  • March 27 2013 - Farmington
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Answers (5)

Check here to see if your home is eligible http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx

The only thing that would change on your loan would be the principle & interest payment & you would reset your loan into a 30 year mortgage.
  • March 28 2013
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I have done HARP loans on investment properties with current PMI.  We would just keep your current PMI in tact and just reduce your rate and P&I payment in the refinance. Contact me thorough my profie if you would like my help.

Regards,
Brynn

  • March 28 2013
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Find a lender that offers the Open Access version of Freddie Mac HARP and is able to handle mortgage insurance transfers. Your profile sounds like the ideal scenario for the program and there will be several lenders that can help you.
  • March 27 2013
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It is owned by Freddie Mac. I'm not late on any payments or in danger of losing the property, I just see all these incredible rates compared to what I have, and it would be nice to cut the PITI a couple hundred a month. I am just amazed at how unresponsive Wells Fargo has been to me, especially since I do every bit of my banking with them. I paid an appraiser in April of 2012 and she couldn't find any similar properties at all to compare with so she gave me the money back. In Oct 2012, I applied again for a standard refinance and had another appraiser look at it and that is the one that came back at $130K. Too high of LTV and mortgage broker refused my application. So do I just bite the bullet and accept the 6.675% rate, and hope the PMI gets dropped in a few years?
  • March 27 2013
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Have you been to the website to first see if your mortgage is owned by Fannie Mae or Freddie Mac?

That is where you need to start. Here are the links.
http://www.freddiemac.com/avoidforeclosure/harp.html



Take care and God Bless,

Mickey Metzger
  • March 27 2013
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