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Freddie Mac HARP Loans – After Denial, Should I Try More Than Once to Get a Freddie HARP Loan?

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Freddie Mac HARP Loans – After Denial, Should I Try More Than Once to Get a Freddie HARP Loan?

 

Have you contacted your lender (or any lender for that matter) about a Freddie Mac HARP refinance?

 

If so, there is a strong chance that you have been turned down or turned away.  If this is the case, I’d recommend you continue to search.  The fact is, many lenders are not set up to do HARP loans on Freddie Mac owned loans and they only offer it to applicants that have loans that are owned by Fannie Mae (or Vice Versa).

 

Beyond that, many lenders add their own guidelines beyond the basic Freddie Mac guidelines set forth under the Home Affordable Refinance Program (HARP).  These are called investor overlays.  Really, it’s a way to cover their fannies and minimize the chances of buying the loan back if you happen to default after you get your new loan.

 

There are many different reasons you could have been turned down, but if you have a 620 or higher credit score & can illustrate that you have a reasonable ability to repay (job and verifiable income – call/email me for details), you should forge ahead and check with at least one more lender.  I’ve been able to secure these types of loans for people that have been turned down with other banks.  Also, I’ve worked at a different lender than what I do now and I’ve been the one to turn people down due to my previous employer’s more rigid guidelines.

 

The point is, try more than once.  The publically traded lender I work with tends to be one of the more aggressive Freddie Mac HARP lenders.

 

To be added to the HARP 3 Waiting List, email me at ShawnV@HarpLoan2013.info

 


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