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Question for folks in the mortgage business re: HARP/condos
Posted on 8/12/14 at 9:41 am
Posted on 8/12/14 at 9:41 am
Background:
I bought a condo in the post-Katrina inflated 2007 market at an interest rate above 6% and it has since lost some value. Due to the economic downturn and stricter lending rules, not enough units have been sold to satisfy FHA warrantability standards; so the condo development is considered non-warrantable, currently.
I have been researching ways to get a refi done as I could save several hundred dollars a month at current rates but have been unable to find a solution locally. My mortgage is currently owned by Freddie Mac which would potentially qualify for a HARP refi but the non-warrantability seems to be the hang up for everyone I've talked to in Louisiana.
I emailed a guy in California who works for a mortgage company and he told me that Freddie Mac's policies do not actually forbid the HARP refi and that it was up to local mortgage companies to set policies. He said that he would like to help me but his business is not currently licensed to do business in Louisiana.
Question:
Is anyone here familiar with a situation where a non-warrantable condo was refinanced under HARP? If so, could you recommend someone I could talk to? If I can get with a lender to get this done, I'll pay a finder's fee.
Thanks all.
I bought a condo in the post-Katrina inflated 2007 market at an interest rate above 6% and it has since lost some value. Due to the economic downturn and stricter lending rules, not enough units have been sold to satisfy FHA warrantability standards; so the condo development is considered non-warrantable, currently.
I have been researching ways to get a refi done as I could save several hundred dollars a month at current rates but have been unable to find a solution locally. My mortgage is currently owned by Freddie Mac which would potentially qualify for a HARP refi but the non-warrantability seems to be the hang up for everyone I've talked to in Louisiana.
I emailed a guy in California who works for a mortgage company and he told me that Freddie Mac's policies do not actually forbid the HARP refi and that it was up to local mortgage companies to set policies. He said that he would like to help me but his business is not currently licensed to do business in Louisiana.
Question:
Is anyone here familiar with a situation where a non-warrantable condo was refinanced under HARP? If so, could you recommend someone I could talk to? If I can get with a lender to get this done, I'll pay a finder's fee.
Thanks all.
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