Can I get Rid of PMI with a HARP 2.0 Refinance?

I hear this question all the time.  The short is answer is probably not.  The longer answer goes like this...

When you refinance with the HARP program if you currently have PMI, you will be required to keep PMI on your loan.  On the other hand, if you do not currently have PMI, you won't be required to add it EVEN IF your house is now underwater.

HARP was created for those homeowners that owe more on their mortgage than their home is worth and were therefore unable to take advantage of today's low rates.  With a HARP 2.0 loan, the value of the home has no bearing on your getting approved for a refinance.

The only requirements are: you've made the last 6 payments on time and no more than one 30 day late in the 6 months prior to that.  

Your current mortgage must be held by Fannie Mae or Freddie Mac.  IT DOES NOT MATTER WHERE YOU SEND YOUR PAYMENTS!!  The company that receives your payments is your mortgage servicer, they may or may not own your loan and they probably don't.  Check to see if your loan is with Fannie Mae here - http://www.fanniemae.com/loanlookup/

If it's not, check if it's with Freddie Mac here: https://ww3.freddiemac.com/corporate/

Now if your loan is with Fannie or Freddie and you are sending your loan payments to one of the large lenders such as Wells Fargo, Bank of America or Chase, call and ask if they have any special HARP loan offers.  I know for example, that Wells is refinancing their current eligible mortgages with no lender closings costs at all.

But even with no closing costs, you should compare rates... no closing costs is only good if your rate is very close to the rates you can get by paying closing costs.  To compare your quote with other lenders, check Mortgage123.com

An experienced mortgage professional can help you too.  If you want to discuss your personal situation, you may give me a call at 347-766-2674.  Leave a message and I will get back to you prompt