Can you refinance a rental property under HARP?

Can you refinance a rental property under HARP?

Yes, you can refinance a rental property under the Home Affordable Refinance Program (HARP). HARP was designed to help homeowners who are underwater on their mortgages refinance at lower interest rates, and it does extend to certain rental properties.

FAQs about refinancing a rental property under HARP:

1. Can I refinance my vacation rental property under HARP?

Yes, you may be able to refinance a vacation rental property under HARP, as long as it meets certain eligibility requirements.

2. Are there restrictions on the number of rental properties I can refinance under HARP?

Yes, there are restrictions on the number of rental properties you can refinance under HARP. Typically, you can only refinance one rental property per borrower.

3. Do I need to live in the rental property to qualify for a HARP refinance?

No, you do not need to live in the rental property to qualify for a HARP refinance. HARP allows for refinancing on investment properties as well.

4. Can I use HARP to refinance multiple rental properties that I own?

HARP only allows for the refinancing of one rental property per borrower, so you cannot use it to refinance multiple rental properties that you own.

5. Can I cash out equity on my rental property through a HARP refinance?

No, you cannot cash out equity on your rental property through a HARP refinance. The program is intended for refinancing to lower interest rates or more stable loan terms.

6. Are there minimum credit score requirements for refinancing a rental property under HARP?

Yes, there are minimum credit score requirements for refinancing a rental property under HARP. Borrowers often need a credit score of at least 620 to qualify.

7. Can I refinance a rental property that is already in foreclosure under HARP?

It may be possible to refinance a rental property that is in foreclosure under HARP, but it can be more challenging. Lenders may have specific requirements for properties in distress.

8. Can I refinance a rental property under HARP if it has existing liens or judgments?

It can be difficult to refinance a rental property under HARP if it has existing liens or judgments, as these can complicate the refinancing process.

9. Are there restrictions on the type of rental property I can refinance under HARP?

There may be restrictions on the type of rental property you can refinance under HARP. Certain types of properties, such as commercial properties or multi-unit buildings, may not be eligible.

10. Can I use HARP to refinance a rental property that is currently in forbearance?

It can be challenging to refinance a rental property that is currently in forbearance under HARP, as lenders may have specific requirements for properties with past due payments.

11. Can I refinance a rental property that is owned by my LLC under HARP?

It may be possible to refinance a rental property that is owned by your LLC under HARP, but lenders may have additional requirements for properties owned by an LLC.

12. Can I refinance a rental property under HARP if I am self-employed?

Yes, self-employed individuals may be able to refinance a rental property under HARP, but lenders may require additional documentation to verify income and financial stability.

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