What if I don't have a Fannie Mae or Freddie Mac mortgage loan?

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I have a regular 30 year fixed mortgage through PNC bank. I do not have a Fannie Mae or Freddie Mac loan. Can I transfer my loan to get one so I can refinance with this program?


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Unfortunately you cannot. For HARP eligibility you must have a loan that is owned by Fannie Mae or Freddie Mac. For the segment of the population that is privately owned if you have at least a small equity position you can look at doing a FHA loan but it will require a monthly mortgage insurance payment and generally FHA loans are more expensive than conventional loans (i.e. you will have a monthly mortgage insurance payment as well as paying an up front funding fee.)

Answered about 3 years ago

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