Question

Does Harp work with Manufactured Homes

Answer 1

HARP is a conforming (Fannie Mae or Freddie Mac) streamline refinance loan program for people with little, no, or negative home equity. If you have a current loan owned by Fannie Mae and/or  Freddie Mac, you may be eligible for HARP. Since your mortgage balance is higher than your home's value, no appraisal is required with the Home Affordable Refinance Program.  If you have a conventional loan on a manufactured home owned by Fannie Mae or Freddie Mac, you are able to qualify for HARP.

Gustan Cho NMLS 873293
Branch Manager
USA MORTGAGE
A Division of DAS ACQUISITION COMPANY NMLS 227262
www.gustancho.com

Answer 2

The HARP program is ending on December 31, 2018, and being replaced by Fannie Mae's High-LTV Refinance and Freddie Mac's Enhanced Relief Refinance. You can apply for these programs starting November 1, 2018, and close on or after January 1, 2019.

These programs offer flexibility for some who were not eligible for HARP, but won't work for others. Here are the guidelines for the new HARP replacement loans: https://themortgagereports.com/22445/harp-replacement-high-ltv-underwater-refinance-fannie-mae-freddie-mac

Both programs allow financing for manufactured homes that are classified as real estate and not personal property.