Making Home Affordable Refi

by Agnes
(Kansas City, Missouri USA)

Ask Kate about Making Home Affordable Refi and Subprime Mortgage Loans: Dear Kate, I thought Making Home Affordable Refi programs (HARP and HAMP) were to help people.


Agnes continues... I've been attempting to do a HARP refinance with my current servicer. I've really gotten a big run around for the last 3 months and then, just this week, I was told that I could not qualify for a Making Home Affordable refi (HARP) because my current loan is an EA-II, subprime loan.

I've read over Fannie Mae's guidelines (yes, almost all 1200 pages), and it seems that EA-II loans and some subprime mortgages can do a HARP.

I thought the HARP and HAMP programs were to help people. I've never missed a mortgage payment (or paid a late fee) in the last 17 years. However, both my husband and I are now disabled and the 7.625 percent current mortgage is killing us.

Our credit scores are 663 and 707, respectively. We cannot afford upfront fees (appraisals, etc.) due to our very tight budget.

Can you clarify if EA-II's and subprime mortgage loans are eligible for HARP? Any other thoughts?

Kate Answers: Making Home Affordable Refi and EA-II


Ask Kate at Get-Your-Best-Mortgage-Rate.com
Dear Agnes,

As subprime became the rage, Fannie Mae redefined their guidelines with EA-II to get in on some of the action. Sigh...

Sidebar: Read here about the trap of subprime mortgage loans and my solution.

The confusion you are caught in today over these EA-II loans is a carryover from the chaotic subprime days.

Lender Restriction Lifted

But here's the bottom line. You are not confined to originating a Making Home Affordable Refi with your original lender, which in your case is probably the biggest bank left standing.

I have never read (although I'll admit I have not perused the 1200 page guide) that EA-II loans are restricted to the original lender for a HARP loan. So I'd start shopping lenders. The worst you'll find is no new information. The best scenario is a 4 or 5 percent mortgage.

Guide To Shopping For Mortgage Lenders

Before you begin shopping for lenders, go to my free guide How To Compare Mortgage Rates And Lenders In 6 Steps. My guide will organize your efforts and save you time.

I have also included more loan modification help at the bottom of this page. Be sure to check out this one main question to ask yourself about mortgage loan modifications.

Let me know if this page was helpful to you. Comment here on Making Home Affordable Refi.

Or Ask Kate a question here.

Best wishes and good luck finding an affordable mortgage rate,

Ask Kate





More Help to Save Your Home

Special Edition Making Home Affordable - 13 options for homeowners struggling with unaffordable house payments.

Loan Modification Ask and Answer - Answers to loan modification, Home Affordable Programs, HARP, and HAMP questions.

Can I do a Mortgage Loan Modification myself? The answer is yes, but...

Don't give up. With a little knowledge, you can Stop Mortgage Foreclosure.

Foreclosure Help - Act now if you think you are going to be late on a mortgage payment.

Help for locating your lender to Stop Foreclosure Now.

By understanding your Adjustable Rate Mortgage, you can anticipate and plan.

When promises to Sell Your House seem too good to be true, remember this.

A limited offer, Mortgage Debt Relief provided help for homeowners subject to additional income taxes.

How to explain to your lender that you are trying to Prevent Foreclosure.

The first step to stopping Foreclosure is understanding its impact on your life.

Stop Foreclosure. Learn from Donald Trump about negotiating a better deal.

Subprime Mortgage Loans fulfilled an important role in America.

Every homeowner with a Subprime Mortgage needs a long term plan.

Subprime Mortgages - Learn how to transition to traditional mortgage financing.

Here's where to comment on Making Home Affordable Refi.

Here's where to Ask Kate a question.

Return to the home page of Get Your Best Mortgage Rate from Making Home Affordable Refi

Tell Friends About Making Home Affordable Refi

I depend on your word of mouth! So please help me spread the word about Making Home Affordable Refi and Subprime Mortgage Loans with your friends using these easy buttons.


Click here to add a comment.

You can also ask Kate about your mortgage at Refinancing Advice The Nuts and Bolts.

Recent Articles

  1. Kate's Mortgage Rate Report August 11: Rates Bouncing Like a Ping Pong Ball

    Aug 11, 16 10:49 AM

    Kate's mortgage rate report for the week ending August 11, 2016: Rates Bouncing Like a Ping Pong Ball
    Mortgage interest rates have been bouncing like a ping pong ball: After last Friday's strong job report began pushing up mortgage rates, the market is now hinting at a reversal, with the 30-year hover…

    Read more

  2. Ask Kate how to avoid unauthorized mortgage rate extension fees

    Aug 11, 16 10:18 AM

    Ask Kate how to avoid unauthorized mortgage rate extension fees
    Ask Kate how to avoid unauthorized mortgage rate extension fees:

    After locking in her rate, the bank sent a Texan homeowner, Laura, notification of several thousand in fees that she must pay in order…

    Read more