Zillow Advice: Refinance - HARP 2.0 Denied due to "credit enhancement" http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ Zillow Advice | Zillow Real Estate We are waiting for a program ... http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ We are waiting for a program that will encompass non Fannie &amp; Freddie properties to refinance our residence, but for those of you that are going to try to re-submit for the HARP 2, I can tell you that if anyone can push it through, Steve Nardin (who commented above) can. We have used his services several times over the past two years to refinance rentals under the HARP program and he was instrumental to our success. I know it is frustrating, but it might be worth another shot with a new lender. Good luck! Tue, 04 Jun 2013 21:47:00 GMT http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ 2013-06-04T21:47:00Z Yes, a "Credit Enhancement" ... http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ Yes, a "Credit Enhancement" is simply LPMI (Lender Paid Mortgage Insurance) that your Loan Officer put on your loan when you took it out. &nbsp;Most are not aware they even have this but it is an option that some Mortgage Companies or Banks will put on your mortgage because they think the word (PMI) might chase customers away. &nbsp;Basically LPMI is where the par rate is increased instead of having Mortgage Insurance(PMI) separately. &nbsp;I bet you either did not have quite 20% equity when you last refinanced or less than 20% down when you bought the house, is that accurate?<br/><br/>Even though Fannie Mae / Freddie Mac recently changed this guideline to now allow LPMI loans to be refinanced through HARP, most Lenders have implemented "Lender Overlays" and do not offer this. &nbsp;Some may even lead you to believe that you don't qualify when in fact, they simply do not offer the program.<br/><br/>For additional questions feel free to send them to me at: <em>&lt;Removed by Zillow Moderator. Please see <a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a>&gt;</em><br/>&nbsp; Tue, 04 Jun 2013 19:29:00 GMT http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ 2013-06-04T19:29:00Z I am a Mortgage officer, ... http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ I am a Mortgage officer, I hae seen this before. &nbsp;A few times we have been able to get around this on a some of our lines, as a direct lender and broker we have access to a wide array of programs. &nbsp;Many times it will really depend on the investor you are using. &nbsp;I had one &nbsp;I was doign for a client that the MI was held by CalHFA and they were not participating. &nbsp;we hounded them for 4 months going through every contact. &nbsp;With&nbsp;enough pressure from several clients probably calling them they have made some slight adjustments and the loan &nbsp;was done. &nbsp;Also doing unlimited LTV on Fannie and Freddie. &nbsp;Please contact me on your scenario and we can run through our multiple engines and see what we can do. &nbsp;our investors are&nbsp;constantly&nbsp;changing guidelines and some updates were released on HARP last week, also HARP 3.0 is in the works for being updated to help many who don t fit now! Mon, 29 Apr 2013 15:53:00 GMT http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ 2013-04-29T15:53:00Z Mine was very recent less ... http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ Mine was very recent less than a week Mon, 29 Apr 2013 03:11:00 GMT http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ 2013-04-29T03:11:00Z Has anyone tried running ... http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ Has anyone tried running your file back through FNMA's DU system recently? With FNMA's changes at the end of 2012 you may be now qualified for HARP 2.0.&nbsp;<br/> Mon, 29 Apr 2013 01:14:00 GMT http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ 2013-04-29T01:14:00Z I was just told my credit ... http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ I was just told my credit enhancement rejection was not due to LPMI apparently NFCU retained 20% of the loan and financed the 80% through Fannie may. &nbsp;I'm at a loss of where to proceed from here. Fri, 26 Apr 2013 21:20:00 GMT http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ 2013-04-26T21:20:00Z I am a Mortgage Specialist ... http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ I am a Mortgage Specialist and we specialize in the HARP (2.0).&nbsp; I had a customer come to me who has his mortgage with Seterus and he was turned down for the HARP due to the credit enhancement.&nbsp; I spoke to Fannie Mae and they explained what the credit enhancement was and why it disqualified someone from HARP.&nbsp; A credit enhancement is simply LPMI (Lender Paid Mortgage Insurance), which is PMI built in&nbsp;to the rate of a mortgage.<br/>&nbsp;<br/>There are changes within Fannie Mae now that allow us to refinance customers with credit enhancements on HARP.&nbsp; Most lenders still have overlays which do not allow this, but we don't.&nbsp; Let me know if you have any questions.<br/><br/>Steve Nardin<br/>[Contact information removed by Zillow moderator. Please see our&nbsp;<u><a href="http://www.zillow.com/howto/GoodNeighborPolicy.htm">Good Neighbor Policy</a></u>&nbsp;for more information.] Wed, 23 Jan 2013 17:34:00 GMT http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ 2013-01-23T17:34:00Z "Perhaps you should go back ... http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ "Perhaps you should go back to the cornfields and hide behind some fake internet profile."<br/>----<br/>Perhaps you should go create some more fake internet reviews. I'd be willing to bet my profile is more real than yours is. Thu, 13 Dec 2012 22:37:00 GMT http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ 2012-12-13T22:37:00Z I just had a client call ... http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ I just had a client call me that had the same credit enhancement issue over the last year in trying to refinance under HARP. &nbsp;I was able to get her and approve/eligible. So it looks like Fannie has updated the automated&nbsp;underwriting&nbsp;system.<br/><br/>In regards to the PMI, your should only have to pay the PMI you are&nbsp;currently&nbsp;paying. If&nbsp;you&nbsp;have lender paid PMI, you shouldn't&nbsp;have an adjustment to the interest rate or payment.&nbsp; Thu, 13 Dec 2012 22:25:00 GMT http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ 2012-12-13T22:25:00Z Perhaps you should go back ... http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ Perhaps you should go back to the cornfields and hide behind some fake internet profile. Thu, 13 Dec 2012 21:18:00 GMT http://www.zillow.com/advice-thread/HARP-2-0-Denied-due-to-credit-enhancement/443091/ 2012-12-13T21:18:00Z