Freddy Mac or Fannie Mae for HARP 125% refinance?

Posted on Oct 31, 2012 in HARP Refinance

mortgage rates trend
by SS&SS

Question by amy: what is the trend for mortgage rates in the next 5 yrs?
i’m doing a project on real estates and really need the projected discount rates to make the assumption. anyone knows where can i find it??
thanks in advance =)

Best answer:

Answer by 60187guy
1) Steady.
2) Rates could go up if there is a recovery in the market.
3) Rates could go lower if property demand dries up and practically nobody borrows.

Give your answer to this question below!
Question by John 927: Freddy Mac or Fannie Mae for HARP 125% refinance?
I am trying to refinance and I’m asking mortgage brokers/lenders the following question:

“What will happen if my home appraisal comes in ‘underwater, seek ‘ as in below the amount of my loan?”

Some tell me no problem, sickness my FREDDY MAC loan is eligible for HARP refinance program. Others tell me that they wouldn’t be able to help because I’m not a Fannie Mae loan. Is this a broker/lender decision or does HARP really exclude Freddy Mac loans?

In other words, information pills is HARP only applicable to Fannie Mae loans in terms of the 125% loan to value rules?

So confused.

Best answer:

Answer by Bob
The HARP program is available for both FHLMC and FNMA loans, but not every lender can do both. If your appraisal determines you require a HARP loan, since your current loan is owned by Freddy it can only be done by a lender that can do Freddy loans. It should not be hard to find one. Your current lender is probably one of them.
I closed a HARP refinance loan for a friend a few months ago after his current lender had denied him based on a 90% LTV appraisal, even though that lender’s website advertises HARP loans. I was happy for the business but it never should have come that far. Apparently his loan officer was not familiar with the program. Any time human beings are involved you can’t always trust the first answer you get.

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