Profile picture for user6138692

Does Freddie Mac have unknown restrictions to make a loan not elligible for HARP?

I was just told by Bank of America that my loan was a no fee loan and therefore not elligible because Freddie Mac has coded those loans as not elligible for harp refi. According to BOA, I meet all the standard harp requirements but my loan comes up as not elligible. BOA can offer any more details. This all seems odd.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 23 2012 - North Bergen
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (2)

Certain loan are considered ineligible due to "Credit Enhancements" that were placed on the loan after it was completed.    I never heard of a No Fee Loan being an enchancement, so that part sounds off to me.

I would suggest you try applying at an Open Access lender and have them run your LP (Loan Prospector) findings to see if the loan also picks up as ineligible for that version of the program.    I have seen cases where a servicer says a loan is ineligible and those findings say it is (possibly due to poor information from the servicer).

If Loan Prospector also comes back saying ineligible, not much left you can do at that point.   Last year the software began approving several loans that had previoulsly been considered ineligible so that update might work to your advantage.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 23 2012

unknown restrictions?   Well I guess if they did, nobody would be able to tell you about them since they are unknown.

The HARP program is very unusual. A lot of people who fit the basic guidelines are turned down for other reasons.

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
April 23 2012
 
Related Questions
Does Freddie Mac have unknown restrictions to make a loan not elligible for HARP?
Profile picture for Justin Sheftell
Latest answer by Justin Sheftell
April 23 2012 | 2 answers
  • Asked by user6138692
  • In Refinance
  • April 23 2012
Nj north bergen hudson county refiance
Profile picture for shapiroamg
Latest answer by shapiroamg
January 02 2012 | 1 answers
  • Asked by Khakis1999
  • In Refinance
  • January 02 2012
What action I can take against a bank if my lock rate in expires in NJ
Profile picture for William Adams III
Latest answer by William Adams III
June 09 2009 | 3 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 26 Ave At Port Imperial APT 316, West New York, NJ Home For Sale
    26 Ave At Port Imperial APT 316, West New York, NJ 07093

     For Sale: $378,000

    • Beds: 1
    • Sqft: 740
    • Baths: 1.0
    • Lot: 740
  2. 80 Riverside Blvd # 1DE, New York, NY Home For Sale
    80 Riverside Blvd # 1DE, New York, NY 10069

     For Sale: $5,300,000

    • Beds: 5
    • Sqft: 3697
    • Baths: 5.0
    • Lot: --
  3. 454 W 54th St APT 2B, New York, NY Home For Sale
    454 W 54th St APT 2B, New York, NY 10019

     For Sale: $1,398,888

    • Beds: 2
    • Sqft: 915
    • Baths: 2.0
    • Lot: --
 
 
 
Sign in with Google