Making Home Affordable

by Ken from Toms River, New Jersey USA

Ask Kate: Making Home Affordable Refinance Program Hi Kate, Can I refinance my second home using HARP? I am trying to refinance through the lender that holds the original mortgage on my second home.

***zz-c2-credit.shtml***

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

Dear Ken, You asked, "Can I refinance my vacation home using HARP?"

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,

***zz-portrait-sig-left-no-wrap.shtml***


***zzz-link-refinance.shtml***

***zz-below-the-fold-affiliate-link.shtml***

Return from Making Home Affordable to Get Your Best Mortgage Rate


Click here to add a comment.

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

Recent Articles

  1. Lock Mortgage Rates - How To Avoid Hidden Fees

    Aug 06, 18 11:58 AM

    If you lock mortgage rates over the phone, how do you protect against excessive points and hidden closing costs? Learn what to do when your lock is threatened.

    Read More

  2. Finding Low Down Payment Mortgage Financing

    Aug 06, 18 11:53 AM

    Getting a low down payment mortgage: Learn the first two steps to financing niche properties in resort areas. Tip: It's not about timing the real estate market!

    Read More

  3. Ten Best Kept Secrets to Low Mortgage Payments

    Aug 06, 18 11:45 AM

    Ask Kate's secrets to low mortgage payments help homeowners understand industry lingo related to refinancing. Learn how to get your best mortgage rate!

    Read More