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MUST MY LOAN BE OWNED BY FREDDIE MAC OR FANNIE MAE TO QUALIFY for HARP ?
Yes; this government program was designed to help the customers of Freddie or Fannie.
WHAT IF MY LOAN IS NOT OWNED BY ONE OF THESE
If you have an FHA loan, or V.A. loan they have their oun refinance program. All others.............contact your servicer and GOOD LUCK
WHAT HAPPENS IF I AM NOT CURRENT ON MY MORTGAGE?
If you are not current on your mortgage and have exhibited late payments,you are sayonara
IS THERE A RESTRICTION ON HOW MUCH UPSIDE DOWN I NEED TO BE WITHIN?
No, there are no limitations to the program regarding property Loan to Value, (LTV) as long as loan amount does not exceed loan max for your state; $417,000 for Nevada.
IS A HARP 2 APPRAISAL NECESSARY AT A LARGE COST?
NO!
WHAT ARE THE HARP 2 LOAN LIMITS AND CAN I TAKE CASH OUT TO PAY OFF BILLS?
NO, no cash out! You are upside down remember?
DO I HAVE TO PAY FOR THE CLOSING COSTS OUT OF MY POCKET?
The closing costs can be added to the new loan.
HOW ARE THE RATES? WILL I BE PENALIZED FOR BEING UPSIDE DOWN?
No, The HARP 2 Program provides for normal pricing on refinancing just like someone who has equity in their home. | 