HARP 2 for 2nd Homes & Rentals

HARP 2 Lender Phoenix Arizona

Harp 2 is designed to help homeowner’s leverage today’s record low mortgage rates.  The  key to the program is the fact that the value of a homeowner’s home is irrelevant.  No matter how far upside down someone is, they can take advantage of HARP 2 as long as they are eligible and approved.  The first layer of eligibility requires that a homeowner determine whether or not their mortgage is serviced by Fannie or Freddie and has been since May 31 of 2009.  You can do so here:

The question many people have is “can I use HARP 2 to refinance my vacation home or my rental property?  The answer is YES!  HARP 2 does not judge!  Well, at least not with regard to occupancy.  HARP 2 is a bit judgmental when it comes to only allowing those currently serviced by Fannie or Freddie play!
The only difference with refinancing a rental property through HARP 2 is the same as the difference one would see when refinancing a rental property on a normal/traditional Conventional loan.  There is an upward adjustment to the interest rate on the loan based on the fact that the property is a rental.   There is no adjustment to the interest rate for a vacation home on HARP 2.
By Jeremy House

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