Welcome to our HARP 2.0 Frequently Asked Questions Page. Below are questions and links to the answer. Some questions have the answer right under it. If you can’t find you question below, please contact us and we’ll be happy to assist you!
Q: I refinanced my loan with the HARP 1 Program. Am I eligible for HARP 2?
Q: I heard that I don’t need an appraisal to get a HARP Refi. Is this true?
A: Yes and No. Some lenders will require an appraisal and some will not. Check with us to find out.
Q: If I refinance with HARP 2, will I have to pay mortgage insurance even if I did a 20% down payment when I purchased and I am now underwater.
A: No, if you’re not paying mortgage insurance now, your new HARP 2.0 loan will not require Private Mortgage Insurance (PMI) either.
Q. Will the HARP 2.0 mortgage program work if I currently have a FHA Insured Loan?
A: No, these are two different programs. If you have a FHA Loan, you will need to use the FHA Streamline Refinance program.
Q: Can I use any mortgage lender for my HARP refinance?
A: Yes. This benefits you as you can shop for the best rate possible.
Q: I heard that I can get cash back on refinancing my home. Are there cash-out refinances with HARP?
A: No, the HARP mortgage program doesn’t allow cash out refinance.
Q: Does HARP extend to second homes and vacation homes refinances?
A: Yes. Same eligibility requirements need to be met.
Q: Are condominiums and townhomes or any other attached housing eligible for HARP refinancing?
Q. I have more than one loan on my house, can I still use HARP 2.0?
A. Yes. You can’t consolidate mortgages as HARP 2 only applies to the first mortgage. You can subordinate the second loan.
Q: Is there a minimum credit score to use the HARP program?
A: Nope but you must qualify for the mortgage based on traditional underwriting standards.
Q: Where can I get the lowest rates on HARP loans?
A: Based on your situation, we can go as low and be as competitive as any lender. Contact us for more information.
Q: How Long Should I lock my Mortgage with the HARP Program?
A: Please consult with your mortgage lender based on your unique financial situation.
Q: When Will the HARP Program End.
A: This program is currently available until Dec 31, 2015.
Q: What are the next steps to apply for the HARP program?
A: Simply contact us and we’ll walk you thru the process.