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: I put down 20% when I bought my home. My home is now underwater. If I refinance with HARP, will I have to pay mortgage insurance now?
A: No, you won’t need to pay mortgage insurance. If your current loan doesn’t require PMI, your new loan won’t require it, either.
Q I have an FHA mortgage. Can I use the HARP 2.0 program?
A: No, you cannot use the HARP 2.0 program for an FHA loan. If your current mortgage is backed by the FHA, and your home is underwater, use the FHA Streamline Refinance program.
Q: So, I can use any mortgage lender for my HARP Refinance?
A: Yes. With HARP 2, you can refinance with any participating HARP lender. This benefits you as you can shop for the best rate possible.
Q: My current mortgage is with [YOUR BANK HERE] and I don’t like them. Can I work with another bank?
A: Yes, with HARP, you can work with any participating lender in the country.
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: Can I refinance a second/vacation home or an investment/rental home with HARP?
A: Yes. You must meet the same eligibility requirements as an owner occupied home. Even if you rent out your home and there is someone living there, you can still do a HARP refi.
Q: Are condominiums and townhomes or any other attached housing eligible for HARP refinancing?
Can I consolidate mortgages with a HARP refinance?
Am I HARP-eligible even thought I’m unemployed and can’t provide income?
Q: Are there Income Restrictions for the HARP 2 program?
A: No, there are no income restrictions for the Home Affordable Refinance Program (HARP).
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: I’ve heard the term, “Relief Refinance.” What does that mean?
A: “Relief Refinance” is the Freddie Mac equivalent of DU Refi+.
Q: How Long Should I lock my Mortgage with the HARP Program?
A: Lock for 45 days, at minimum.
Q: How long is the HARP Program in effect? Will it end soon?
A: If you are HARP-eligible, you must close on your mortgage prior to January 1, 2014
Q: How do I apply for the HARP program?
A: Simply contact us and we’ll walk you thru the process.