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I meet all minimum requirents for HARP 2.0 refinancing. However, I have been turned down by two len

I meet all minimum requirements for HARP 2.0 refinancing.  However, I've been turned down by two lenders because I short-sold a rental over two years ago.  Can lenders set their own qualifying rules for a mortgage under HARP 2.0?  
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April 08 2012 - Antioch
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Thanks for all of your answers.  I did approach my servicer and they agreed to refinance under Fannie Mae's RefiPlus guidelines by doing a Manual Underwriting. However, that was 4 months ago, and my case is still waiting for "management approval". At any rate, refinancing would not lower my payments and money is tight.   I have a 6% interest-only loan and I fear I will miss the low mortgage rates  and the chance to convert to a 30-year fixed mortgage.  I agree, it seems my only option is a loan modification.  Thanks  
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October 16 2012
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Why don't you look into a modification. I am doing one and all my friends did
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October 15 2012
Typically Fannie Mae requires 80% or less Loan to Value to allow refinance with only 2 years from short sale but HARP does have looser criteria. There was a memo released last year that said the 2 year requirement would be waived on Refi Plus (same servicer) but it was not made clear if that would extend to DU Refi Plus (new servicer). If DU findings approve the file there will be lenders who will follow those findings directly and fund that loan for you. did either of the lenders you applied with run your findings?
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April 10 2012
As long as we can get a DU (desktop underwriter) approval we can finance you two years after a short sale.  Most lenders go up to 4 years because of the Mortgage Insurance.  As long as there isn't any MI and 2 years after your short sale we should be able to get you financed.  Click my name above for my info.

Thank you.

Ken Burrows
Mortgage Wholesale Network
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April 10 2012
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Thank you for your words of advice.  I talked to a Fannie Mae representative a few days ago,  and she told that a wait of two years after a short sale is sufficient for refinancing under HARP 2.0.  Since, I understand,  my loan would be sold back to FM anyway, why should lenders feel apprehensive? 
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April 09 2012
If your servicer also originates loans that is likley your best chance for refinance in HARP 2.0.  HARP 2.0 made very clear that the past foreclosure and bankruptcy guidelines will not apply for the Refi Plus version of the program.
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April 09 2012
Can lenders set their own qualifying rules for a mortgage under HARP 2.0?   
===========
yes.
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April 09 2012
lenders will have their own layers above and beyond what Fannie Mae and Freddie Mac will allow for. this will make the loan bundles that they sell a "cleaner, less risk" loan for them and thus make it easier to sell off their books.
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April 08 2012
 
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