Making Home Affordable

by Ken from Toms River, New Jersey USA

Ask Kate: Making Home Affordable Refinance Program - Can I refinance my second home using HARP?
Hi Kate. I am trying to refinance through the lender that holds the original mortgage on my second home. I am told that new guidelines do not permit cash out refinances over 75% for vacation homes and they are subject to new guidelines set forth by Fannie Mae or Freddie Mac.



I am also told they are exploring an option to refinance me under the Home Affordable Refinance Program, HARP.

Any advice, guidelines you can offer? Does this make sense? Would the refinance rules change if the house was not classified as a 2nd home? Kind regards, Ken

Kate Answers: Home Affordable Refinance Program - Can I refinance my vacation home using HARP?

Dear Ken, In an attempt to stabilize the housing market, our government is offering the opportunity to take advantage of low interest rates in spite of declining real estate values through Making Home Affordable Refinancing Program (HARP).

The program is available to homeowners with a 1st mortgage owned or guaranteed by FNMA or FHMLC and that is no more than 80 to 125 percent of the value of their home.

There isn't a lot of information given by the government specifically addressing acceptable property types with the exception of the sister program, Making Home Affordable Modification Program (HAMP) which indicates mortgage modification on primary homes only.

But to the best of my knowledge, HARP will at least entertain refinancing a second home. As you suspect, lending guidelines are usually stricter for second homes and investment properties. For more information regarding the Making Home Affordable Program, counselors are available at 1-888-995-HOPE.

Now let's get even more into refinancing and watch your knowledge skyrocket. Follow the links down below leading to compelling facts regarding your mortgage.

In addition, by visiting FAQs for Best Mortgage Rates in Refinancing, you'll discover solutions based on inquiries from other homeowners.

Take a moment to bookmark Making Home Affordable Refinance Program - Can I refinance my vacation home using HARP? to your favorites so you can easily return in the future.

Ken, please come back and visit often. Help me spread the word by sharing my website with your friends. Remember, all of my information is free!

I wish you the best and hope you'll return to offer an update.

Sincerely,

Blockbuster Refinancing Articles

Why not give yourself every opportunity to get your best mortgage rate...

Low Mortgage Payments | Secret Refinance Formula | Fresh Refinance Approach | Refinancing Breakthrough | Questions To Ask | Mortgage Planner | Compare Rates

Is your mortgage refi worth the cost? Here's how to figure a break even point.

Return from Making Home Affordable Refinance Program to Get-Your-Best-Mortgage-Rate home page

The information you obtain at this site is not, nor is it intended to be, a substitute for financial, real estate or legal advice. You should consult an attorney, accountant, lender or real estate agent, as applicable, for advice regarding your individual situation. Comments and opinions found here are not necessarily those of Get-Your-Best-Mortgage-Rate.com