Freddie Mac HARP 2.0 Loans Getting Tougher

One of the lenders that we work with for Freddie Mac HARP 2.0 refi’s has announced today that they are not accepting applications for loans locked after July 20, 2012.

The bank states they’re doing this to get a handle on their pipeline. If you’re in the process of refinancing via HARP 2.0 and you have a loan to value that exceeds 105%, you may already know that the process seems to be taking a couple months.

If you qualify for a HARP 2.0 refinance: if you have lost equity in your home and your current mortgage is securtized by Freddie Mac prior to June 1, 2009 – please do not delay starting your HARP 2.0 refinance… your options may be dwindling.

If your home is located in Washington state, I’m happy to help you with your refinance.


  1. Sharif Aridi says


    I meet all the quatifications for teh HARP 2 program. I have been trying to refinance under the HARP 2 for a while and can’t find a bank that will do it. Need your help

  2. What are the banks telling you for the reason your refinance isn’t coming together?

  3. donna naupoto says

    I’m in the same situation as the other commenter. Wells Fargo will not refi my loan because I have PMI on the loan. Are there banks out there that will refi me?


  4. Rhonda Porter says

    Donna,yes – I’m sure there is… you’ll need patience. You can email me with what State your home is located in and I can see if I can help you or refer you to another mortgage professional

  5. Jessica Bahry says

    We were in the process of re-fi our investment property when it hit a snag with the Fannie Mae underwriting system. It valued our home WAY under value so they would not proceed. We had it appraised a year ago and the value was fine. Is there anything a owner can do to get their home appraised at the proper value through Fannie Mae? Any suggestions of other lendors in Ohio besides Quicken Loans or Seterus…?

    • Hi Jessica, I’ll send you an email with a lender recommendation. As you know, I’m only originate mortgages for homes located in Washington State, where I’m licensed.

      Regarding the appraised value issue with Fannie Mae. There’s nothing you can do to change it in Fannie Mae’s system. The value they use may change based on the data they use, but I wouldn’t expect anything too soon. You do have the option of having the lender order an appraisal if you believe it will provide a value that will suit your lender’s guidelines.

  6. Hi Rhonda,
    I just came upon your site which I found to be very interesting. I live in Florida and was trying to refinance under HARP 2.0 as I am locked into a high interest rate of 6.9 since 2006 and my home is underwater. I owe aprox $210.000 and the house according to Zillow is aprox $189,000. I belived I met all the requiredments i.e. I am current on my mortgage which is owned by Freddie Mac. Unfortunately when I tried to refinanced I was told by the agent Freddie Mac did not receive my loan until July 27, 2010. I know my loan was owned previously by Fannie Mae since 2009 and I was unaware who, or why my loan was turned over to Freddie Mac in 2010. I called Freddie Mac and was informed by their representative that I did not qualify for HARP 2.0 as they only received my loan in 2010. I am simply stumped by this as I would like to refi to a 15 year under the HARP program. Do you have any suggestions. Someone suggested I could hire a realestate attorney.

    • Hi Andre,
      the key is when Freddie Mac “securitized” your mortgage. If they did this after May 31, 2009, you are not eligible for HARP 2.0. When they securitized the loan is different than when it closed. (You may already know this – just sharing for future readers).

      Congress is trying to expand the date with HARP 3.0 – we’ll see if this is successful.

  7. Have you or your company dealt with a bank out of Florida called EverBank in regards to the HARP 2.0 program? I am currently working with them but they(or my broker) are telling me it may take(up to) 60 days, is this correct? The broker previously said our situation passed every criteria 2 weeks ago, but then he said the only “snag” was if there was PMI on my loan, which(I think) there is. Assuming I have PMI does that automatically disqualify me if I have met every other criteria with flying colors? My broker was not able to give me a straight answer due to the fact he said the special bank(EverBank) had some different criteria compared to the other banks he deals with. And yes it is a Freddie Mac primary home in Washington State. Thank you in advance!

  8. Hi Ricky, we do work with EverBank and I wouldn’t be surprised if it takes 60 days for your loan to close. PMI should not be a snag as long as it can transfer to the new loan unless the PMI company is UGIC or CMG. If your Freddie Mac mortgage has LPMI or split-premium MI, then your loan may also have issues closing at EverBank.

    EverBank recently (last week) decided to stop accepting applications on Freddie Mac HARP 2.0 loans – if your loan was not locked by July 20 – you may have another issue.

    HARP 2.0 loans with loan to values over 105% take a lot of patience to process and close. Good luck with your refinance.

  9. Veronica says

    Our lender is telling us we do not qualify because my husband assumed the loan from his parents but now it is in our name. If HARP 3.0 passes, do you think it would include people like us? We qualify under everything else.

    • Veronica, we won’t know what is permitted with HARP 3.0 until it comes out..and we’re not even sure IF HARP 3.0 will be available.

      Current HARP guidelines require that at least one of the borrowers be from teh original mortgage being paid off (as you know). If HARP 3.0 becomes available, I would be surprised to see this change.

  10. Hello
    I just started with my freddie Mac harp defy this week…so far so good will I need to hire an attorney to close?

    • Hopefully it’s a refi and not a “defy”, Debi 🙂
      Ask your mortgage originator if you need an attorney to close the refi. I prefer to use a title company’s escrow division for closings – that’s more common in the greater Seattle, Washington area.


  1. […] month, I shared with you that one of our resources, EverBank, elected to stop offering HARP 2.0 refinances to mortgages securitized by Freddie Mac. Yesterday we learned that another major lender in the HARP 2.0 arena, CMG Mortgage, has elected to […]

Please leave a reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.