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Refinance through HARP on a rental property?

Hi All,
The situation is that my elderly relative is living abroad for next few months. His current mortgage is with Wells Fargo. I tried to looking on Freddi and Fannie but his loan doesn't appear on either site. Initial conversation with Wells left me with an impression that loan qualifies for HARP.

When the property was bought, it was owner occupied. He had to move overseas temporarily so decided to rent the property (it's currently rented). The ARM rate expired and he is now on a 1year Libor.

Credit is fair. There are no late payments in last 2 years. The LTV is 65-70%. His personal income is limited as he doesn't work but has some income from another rental property. What sort of rates can he get and will he qualify for HARP?

Also, I hold a POA for him, can I apply on his behalf or does he need to sign mortgage application. How would I go by doing this? He will like a 15 year mortgage. (may be even 30).
  • December 06 2012 - Arlington
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Answers (2)

I would check with Wells and ask them about the 3 step program for existing Wells customers.

  • December 07 2012
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I think harp will require the occupancy of the home to be the same what it was when the loan was closed.  You may need to consider applying as an investment property.
  • December 07 2012
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