Profile picture for user5206583

HARP 2.0 refinance

We are trying to refinance under HARP 2.0, would like to know if we are eligible. Below is our current situation:

- has short sale history on our previous home, was finalized 12/2009;
- bought another house (which is our current primary residence) in 05/2008;
- owned by Fannie Mae;
- credit score around 720;
- current mortgage is @ 5.875% rate fixed for 30 yrs.
- LTV is @ 86%;
- no late mortgage and property tax payments or delinquencies from the time the      house was bought;
- we have tried to do in-house refinancing (our loan is with One West bank formerly  Indymac) but because of the PMI they cannot do it.

Thanks!
 
  • April 10 2013 - Vallejo
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (5)

DU refi plus (new servicer) will not allow prior short sale unless it meets the typical Fannie Mae seasoning which would be four years at 80-90% LTV. You might be able to fit in with two year from short sale if you are able to obtain an appraisal waiver at 80% LTV and the short sales are coded properly by the credit bureaus as they often are erroneously coded as foreclosure. Happy to take a look at this with you if you would like to get in touch.
  • April 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for joekarns
Yes, your scenario sounds doable but it will pretty much all come down to the current servicer of your PMI (private mortgage insurance).  It's safe to say that this aspect is something we all wish we could change in the next version of the HARP 2.0 program.

Best of luck!
Joe
  • April 14 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Hi,

You sound eligible, it is just a little for difficult due to the MI you have on your current mortgage.

Good luck!
  • April 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

It sounds like you should be able to qualify for a DU Refi Plus (Fannie Mae's HARP product) loan.

A couple of quick questions, just to clarify... Is your current mortgage the original mortgage you acquired back in 05/2008? Also, is there MI on the mortgage currently and if so do you know what company it is with?

Sincerely,
Greg
  • April 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Brian GFL Capital
its possible to refinance but like you found out because of the PMI, not all banks allow for HARP refinancing with PMI transferring. who is your cureent PMI servicer?
  • April 10 2013
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    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.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.