Can I refinance using HARP 2.0 considering I have PMI?

4 Answers

  • Anonymous
    8 years ago
    Best Answer

    Yes, according to HARP 2.0 guidelines, qualified borrowers who have PMI with their existing 1st mortgage are able to transfer that PMI to their new 1st mortgage under HARP 2.0 and the PMI payment will remain the same. There is still some question about how many PMI companies and lenders will allow the PMI transfer, but there are some that have already announced that they will. That said, we are confident that qualified borrowers with PMI will be able to refi under HARP 2.0.

    NOTE: Borrowers with LPMI (Lender Paid Mortgage Insurance) may not be so lucky. The jury is out as to whether or not borrowers with LPMI will be able to refi under HARP 2.0.

    If your property is located in the state of Florida, please contact me ASAP for more details. We are currently registering borrowers for HARP 2.0 (no cost or obligation - Florida properties only) to ensure their respective files are submitted immediately to avoid the massive log jam of HARP 2.0 applications projected in Florida.


    Kurt Bierek, Director of Marketing

    OJ Mortgage Co., Inc.

    29190 US Hwy 19 N

    Clearwater, FL 33761

    Direct: (813) 453-3845

    Fax: (727) 773-0606

    "Serving Floridians Since 1994"

    FL Reg/Lic#: MBR508 | NMLS ID: 342260


    Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes - If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP - You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: or - Some restrictions may apply. The information herein is accurate as of 12/25/11 and is subject to change without notice.

  • Bob
    Lv 6
    8 years ago

    We have refinanced borrowers using the HARP program who have PMI. Both MGIC and Genworth mortgage insurance companies will transfer your existing PMI policy to your new loan for a half point fee. Other companies will probably do the same. It makes perfect sense for them to do this since they are collecting new fee income while they are allowing borrowers to reduce their payments and improve the chances they will remain current on their mortgages, making it less likely the PMI company will have to pay claims on the policies when they default. The link below provides details for the MGIC "Refi to Mod" program. If you qualify for the new loan you automatically qualify for the policy transfer.

    Source(s): Licensed Loan Officer in Ohio
  • 5 years ago

    We have the HARP program now and this March it will be up. Can we apply again for the HARP program? If so isn't it free through the government?

  • 8 years ago

    Not typically as you must have 20% equity. If by wild chance your property has increased in value since you have purchased the property, you possibly could.

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