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Please help me with a question on the HARP Program

Is it true that if your current mortgage doesn' t include PMI ( we paid upfront when we last did a re-fi) you cannot take part in this program?  I had one person at Wells Fargo tell me that they did not have the program up and running yet at about 9:00am then was told @ 11:00 am that it is in place but I would not qualify because I do not currently pay PMI.  LTV is @ 90% credit scores  in the low 700's no cash out just would like a better rate than my current fixed 6.25%.

FYI we are not in NY.  Didn't see that below.  We are in Waukesha County in Wisconsin.

Thanks!
  • May 06 2009 - Belleville
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Answers (6)

I posted this link earlier today. Most of your questions can be answered here: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0936.pdf

Best wishes.
  • December 16 2009
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So if we have a lender paid PMI loan then we never going to qualify for the HARP even though loan is with Fannie or Freddie ?

Govt. is not thinking to include such loan types in the HARP program? What wrong we made not to be included in HARP, if every one is taking an advantage of it why can't we?
  • December 16 2009
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I'm a broker for Wells Fargo and they won't do the HARP if you have MI. You appear to qualify under the Wells program up to 95% LTV, 105% CLTV. You can refinacen up to $2,500 in closing cost. You should report Wells to Fannie Mae. This is a clear violation of the agreement to do Fannie loans..look up www.efanniemae.com   and finda broker in your area that will give you 5.125%  on the harp program with no points
  • May 14 2009
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jacmollis3,It is the mortgage insurance which is the issue. Your loan does have MI - just a Lender Paid version. The Lender Paid a premium out of the higher rate they offered you in lieu of  the monthly MI payment you would have normally paid. Your loan could very well be a Fannie or Freddie loan with Lender Paid MI, the mortgage insurance companies have failed to agree to "re-issue" the MI on Lender Paid on the HARP refinances.Since the MI is in your rate- you would need to compare the lower interest rate available for you now, with the cost of monthly mortgage insurance to see if there is a net tanglable benefit in pursuing a refinance.
  • May 06 2009
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It is my understanding that nearly all "Lender Paid MI" loans were not sold to Fannie/Freddie, so if you enter your info on Fannie's (or Freddie's) website and find you are eligible there, i think you should pursue the Refi Plus loan.  call or email me if you need help finding the websites.

  • May 06 2009
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Correct if you have lender paid or paid upfront to my knowledge you are not eligible.
  • May 06 2009
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