Profile picture for hwmyers1

does an FHA loan qualify for a HARP under making homes affordable program?

  • January 30 2011 - Estell Manor
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Answers (3)

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Profile picture for Mortgage Brothers
Does not qualify for HARP since the underlying Note is not owned by Fannie Mae or Freddie Mac. FHA loans are securitized through Ginnie Mae (Government National Mortgage Association - for VA/FHA mortgages)

FHA does have a similar program to HARP, so just because you cannot do the HARP program does  not mean you cannot refinance an underwater FHA mortgage. 
  • January 30 2011
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Profile picture for CharlesB.Steimle
FHA does have a similar program it is called a FHA-Streamline the current problem doing a FHA loan now is the cost of the MIP " Mortgage Insurance premium" is double the cost and that comes to about one point. This is one of the mean reason FHA loan holder's won't rifi till something happens to the MIP cost...........
  • December 09 2011
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It doesn't.  The Home Affordable Refinance Program (HARP) is for those borrowers who currently have a loan insured by Fannie Mae or Freddie Mac.

As an FHA borrower, you have the ability to conduct a streamline refinance in order to take advantage of today's low rates.  You can do with or w/out appraisal too!  
  • January 30 2011
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