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HARP refi in CA being turned down for various reasons

We are  3+ years into a 30 year fixed mortgage at 6% with LPMI (paid monthly by lender) thru Radian.  We closed on March 20th, 2009 and we are owned by Freddie Mac.  I have been unsuccessful at getting anyone to help me with a HARP refi.  I have been turned down due to:
LPMI (B of A will not touch us)
LPMI monthly 
Condo thru Freddie Mac (Quicken loans although if we were Fannie Mae not a problem)
Closed on loan after March 1, 2009 deadline (Nationstar where we got pretty far in the underwriting process states that any loan by Freddie Mac (again OK until May 31, 2009 if by Fannie May) that closed after March 1, 2009 is not eligible for HARP).  

Is any of this correct?  I want to know as I keep getting bounced out for various reasons but am told by others that those reasons are not an issue (but they give me new reasons).  I am frustrated and do not want to keep banging my head against the wall if there is truly no one out there that can do our Refi.  
We are current on our mortgage and have excellent credit.  ANY HELP??
  • May 16 2012 - Mammoth Lakes
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Answers (9)

Profile picture for JustinLeffew
There are groups petitioning for HARP 3.0, but no legislation in the works currently. IF it happens, chances are it won't be soon.

*Just wanted to clarify the last comment.
  • February 11 2014
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Any loan that is owned by freddie mac or fannie mae is eligable for HARP as long as it was opened before May 31st of 2009. Also, there is HARP 3.0 coming up soon that will be available, they are extending the guidline through 2010-2011... not sure which until it comes out.
  • February 11 2014
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LPMI Monthly is rare, and in my experience impossible to transfer.  Unfortunately if your current servicer won't help you, you might be stuck.     
  • February 10 2014
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Matthew, you could just be running into issues with over lays with different companies and/or the issue with large banks that will only look at HARP for files they originated. You should contact a company that is direct as both a seller & servicer to both GSE's with unlimited LTV, more LPMI options & higher debt to income ratios if needed. I have been fortunate to help many homeowner's that were previously declined by multiple companies for various reasons. You are welcome to visit my profile and contact me with any questions. It would be my pleasure to help you.
  • February 10 2014
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The HARP Program is for loans that closed prior to June 1, 2009.  Radian does allow for LPMI to be transferred.  And Freddie Mac allows condos through their HARP Program. 
  • February 05 2014
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I would love to offer advice on this, but unfortunately I've found myself in a similar situation.  Good credit, equity in my home, a job and never had a late payment yet people with inferior characteristics get a loan and I can't qualify.   

What I have been seeing is people are not looking to private lenders desperate to loan money because they can't get a decent interest rate elsewhere.    I'm finding private money available around 6% for honest people that pay their bills.
  • January 25 2014
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I should be able to help you, we have programs for this.  Get into touch with me.
  • May 22 2012
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I have a client with the same situation. I believe we can. The process is far longer than a traditional HARP because the first loan is underwritten and then it is sent to the MI company where they do their own underwriting as well, but it can be done. Call me anytime. 
  • May 17 2012
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B of A won't do LPMI loans and Quicken won't do Freddie condos so that is accurate on first two. Open access requires settlement to Freddie by May 31, as long as Freddie software picks you up as eligibleand gives you Accept there are some lenders available. For high LTV freddie requires the condo be re-warranted so that is one issue that will have to be removed. As of last week I knew of at least 2 lenders that this would have fit, one of those stopped doing LPMI transfers this week so that leaves one option I am aware of. Feel free to contact me through my profile if you would like a closer look at your options, I have done my share of HARP loans.
  • May 16 2012
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