San Diego Harp Mortgage Loans Pros and Cons (2017 Update)

When you’re looking at loan programs and refinance programs, you’ll want to know all of the good and bad that comes with the program.

This is why I’ve put together this list for you.

The items on this list will help you figure out if the HARP program is going to be the right fit for you.

The program can be a good fit for a variety of people, but you might need some extra information beyond the basics that we cover in this article.

You’ll want to check out the article about the loan limits that you will see with this program, the pros and cons list, our questions and answers section, and the main article on the subject.

If you’re still on the fence about the loan type, then check out all the reasons why this loan might be the best fit for you.

Of course, if you still have some questions, then feel free to contact me.

I’ll help you understand exactly how the HARP loan can work with you.

Must Read: San Diego HARP Mortgage Loans - Rates, Terms, Limits

Pros

San Diego Harp Mortgage Loans Pros and Cons (2019 | 2020 Update)

Easier to Qualify For

This program is one that the government uses to make sure that you’re able to refinance.

Some mortgages were stuck at high rates and people are in need of refinancing to get their rates down.

Because of the fact that the government is the one that created the program and is backing it, there are fewer restrictions going on.

There is no minimum credit score for individuals.

There are still qualifiers that you will have to live up to, but those are mostly related to the loan and not you as the individual.

Uses Conforming Limits

This refinance uses the limits that are set by Fannie Mae and Freddie Mac already.

This means that the numbers will be easier to understand when you are trying to understand whether or not you are eligible for the refinancing.

There are other details that might be more complicated, but it at least makes it easier for you to see some of the numbers.

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Being Improved

This program has already been improved once.

We are currently on the second iteration of the program.

There is a third iteration in the works for 2019.

This means that they’re going to make the program a little more accessible for people.

This is great news for people that are having a hard time refinancing right now.

Whatever is causing your problems, you’ll have some time before HARP program 3.0 comes out.

When it does, you’ll have another chance at seeing if you’re qualified for the program.

Less Limits

While there are limits on the exact amount of the loan that you can get.

There are fewer limits on things such as LTV.

This can mean that it is a little bit easier to get the loan.

You will have to be careful as a higher LTV ratio might get you turned down from specific lenders and banks.

Act Now: See Your Current HARP Loan Rate 

Cons

San Diego Harp Mortgage Loans Pros and Cons (2019 | 2020 Update)

Only Works with Freddie Mac and Fannie Mae

As the program was designed for the loans that Freddie Mac and Fannie Mae own, the program isn’t designed to work with other sets of programs.

If you have a VA, FHA, or USDA loan, then this program won’t be a good fit for you.

This also applies to jumbo loans.

However, there are other refinance programs out there, so you will have options.

It just won’t be this particular program.

Not All Lenders Will Help You

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We already touched on this when it comes to your LTV.

Lenders have to pick and choose who they work with.

LTV ratios that are higher can indicate some kind of risk for them.

They may turn you down if the ratio is too high because they don’t want to put themselves in a risky situation.

This is something to keep in mind as technically the program doesn’t have an actual limit set on the LTV.

Changes Are Coming Soon

While it is good that the program is being improved in a way that will make it easier for other people to use, it does mean that things are going to be a little odd.

The HARP program that we are currently is set to be up in 2019.  This may mean that there might be a period of time where the program doesn’t exist.

This also means that much of the information currently associated with the program is going to become out of date soon.

If you are invested in getting the HARP program, then you will also have to spend some time making sure that you know what the requirements are after the changes happen, if they happen soon.

Limited Use

When it comes to refinancing, there are already limits on most programs about how often you can use the program, but the HARP is a little bit stricter.

You will only be able to use the program once per house.

This can make it tricky for some people to decide when they want to refinance.

Other programs associated with other loans allow you to refinance after a certain number of years, which may be better for people that want to get the most out of their money.

However, it can mean more work.

So only being able to refinance once is both a blessing and a curse

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Conclusion

Get more information about the San Diego HARP mortgage loan by reading our main article, check out the question and answer article for some of the most common questions, the pros and cons list, and the loan limits for this specific type of loan.

If you’re still on the fence about the loan type, then check out all the reasons why this loan might be the best fit for you. 

What do you think?

Is this a great loan option for you or not?

Leave a comment below - or, call/text me at (760) 297-4539

Your HARP Loan Insider, 

Scott

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