Trying to refi with HARP 2.0
I recently tried getting the HARP 2.0 loan, but was told by the mortgage broker that I don't qualify because when my loan was sold to Fannie Mae my current lender put a credit enhancement on it. My current lender does not participate in the HARP 2.0 program. I have not missed a payment and I have excellent credit. Why does the credit enhancement make my not qualified?
William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions
You should try using another broker.. and by broker I mean not a bank... if your original lender has modified the loan after it was first approved through DU, then an enhancement was probably done.. this does not necessarily disqualify you for HARP 2.0, but this is the first I have heard of a loan being denied because of it.. WilliamAcres.com
Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 2,431 contributions
You need better details about specifically what the enhancement was. Assuming the original note has not been altered or modified, and you meet the date test for HARP, there shouldn't be a reason for a decline. I agree with William, Contact a local Mortgage Banker /Broker. DON'T use one of the big banks, DON'T use one of the big national Mortgage factories, and DON'T use the people you are currently making payments to. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
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