HARP More Than 4 Financed Properties
I am looking for lenders/brokers to refi one of my rental in Florida (Pasco county). The maximize LTV ,HARP seems to be the best candidate. My biggest challenge is that I have 8 financed properties. The loan is FannieMae with WellsFargo.
Can you recommend brokers/lenders that might be able to help me? Thanks.
It is my understanding that the HARP loan program is only available for owner occupants who wish to refinance their primary residence.
Investment property is not eligible to participate.
I read somewhere online. The rule has changed and HARP allows investment and second home with the new rule.
The best source for a HARP loan is the current lender for the loan you want to refinance. Call them and ask if your investment property is eligible to participate..
I checked with Wells Fargo myself. Here is what I learned.
Yes, an investment property can be refinanced with a HARP loan.
Yes, either Fannie Mae or Freddie Mac has a more than four financed property prohibition, while the other does not. If your loan was sold to Fannie Mae you have to follow Fannie Mae HARP guidelines for your refinance. If the loan is now owned by Freddie Mac, then the Freddie Mac HARP rules will be followed.
And, no, you can not get a HARP loan from any other lender except the lender that originated the loan you want to refinance.