Hey there! Have you been wondering if HARP – which stands for Home Affordable Refinance Program – applies to manufactured homes? Well, the simple answer is yes! Despite popular misconception, residents of manufactured homes are also eligible to refinance their mortgages through the HARP program. And who wouldn’t want to take advantage of lower interest rates and monthly payments!

Now, I know what you might be thinking – manufactured homes have different mortgage requirements than traditional homes, so does the HARP program still apply to them? The answer is a resounding yes! The HARP program was specifically designed to help homeowners refinance their mortgages and that includes those who reside in manufactured homes. There are some loan eligibility requirements that must be met, but it’s definitely worth exploring if you’re looking to refinance your mortgage and save some money.

So, if you’re a homeowner living in a manufactured home and you’ve been wondering if you qualify for the HARP program, the answer is a definite yes! Refinancing your mortgage through HARP can provide you with financial relief and better repayment options, regardless of the type of home you have. Be sure to do your research and talk to a mortgage professional to discover all the benefits and eligibility requirements that come with refinancing through HARP.

Definition of HARPs

HARP stands for Home Affordable Refinance Program, a government-backed initiative launched in 2009 to help homeowners with underwater mortgages to refinance. Underwater mortgages refer to situations where homeowners owe more than the current value of their homes, making it difficult to refinance or sell their properties.

HARP is designed to assist homeowners in this situation by allowing them to refinance their mortgages at lower interest rates, reducing their monthly payments and saving them thousands of dollars over the life of their loans. The program is not intended to provide a bailout for homeowners who are behind on their payments or who are at risk of foreclosure, but rather to help those who are current on their payments but are struggling to make ends meet due to a high monthly mortgage payment.

• The program was extended multiple times and will expire on December 31, 2018.
• Only homeowners who meet certain eligibility requirements can apply for HARP.
• Some of the basic eligibility criteria include having a mortgage owned by Fannie Mae or Freddie Mac, being current on mortgage payments, and owing more than the current value of your home.

In particular, one of the main benefits of HARP is that it allows homeowners to refinance without having to pay for an appraisal, as long as there is a reliable automated valuation model (AVM) available. This can save homeowners hundreds of dollars in fees and make refinancing a more accessible option.

Criteria	Original HARP	HARP 2.0
Eligibility Cut-off Date	May 31, 2009	May 31, 2009
Loan-to-Value (LTV) Ratio	No maximum LTV	No maximum LTV for fixed rate mortgages with terms up to 30 years and LTV ratios of less than 125%. For ARMs and LTV ratios above 125%, eligibility varies based on the provider.
Appraisal Required	In some cases	No
Maximum Debt-to-Income (DTI) Ratio	45%	55%

In summary, HARP is a government-sponsored program designed to help homeowners refinance their mortgages and reduce their monthly payments. To be eligible, your mortgage must be owned by Fannie Mae or Freddie Mac and you must be current on your payments but underwater on your mortgage. HARP has been extended multiple times and is set to expire at the end of 2018.

Eligibility Requirements for HARP

If you own a manufactured home and are struggling to make your mortgage payments, you may be wondering if you are eligible for HARP (Home Affordable Refinance Program). This government program provides financial relief to homeowners who owe more on their homes than they are worth. However, there are certain eligibility requirements that you must meet in order to take advantage of the program.

• Your home must be your primary residence, a one-unit second home, or a one-to-four-unit investment property.
• Your loan must be owned or guaranteed by Fannie Mae or Freddie Mac.
• Your loan must have been originated on or before May 31, 2009.

Meeting these eligibility requirements is just the first step in securing a HARP refinance for your manufactured home. In addition, you will have to meet certain financial and credit qualifications, including:

• Having a good payment history in the last 12 months.
• Demonstrating the ability to make the new mortgage payments going forward.
• Holding a loan-to-value ratio of over 80%, meaning you owe more than 80% of your home’s current value.

It’s important to note that not all lenders participate in the HARP program, and some may have more stringent eligibility requirements than others. The best way to determine if you are eligible for HARP and to find a lender who participates in the program is to work with a trusted mortgage professional.

Eligibility Criteria	Requirements
Property Type	Primary residence, one-unit second home, or one-to-four-unit investment property.
Loan Ownership	Owned or guaranteed by Fannie Mae or Freddie Mac.
Loan Origination Date	On or before May 31, 2009.
Payment History	Good payment history in the last 12 months.
Ability to Make Payments	Demonstrate ability to make new mortgage payments going forward.
Loan-to-Value Ratio	Over 80%, meaning you owe more than 80% of your home’s current value.

By meeting the eligibility requirements for HARP, you may be able to refinance your manufactured home and benefit from lower monthly mortgage payments, reduced interest rates, and shorter loan terms. However, it’s important to work with a qualified mortgage professional who can guide you through the process and help you determine if HARP is the right solution for your financial situation.

Differences between HARP 1.0 and HARP 2.0

The Home Affordable Refinance Program (HARP) was first introduced in 2009 to assist homeowners with negative equity and high interest rates. HARP version 1.0 didn’t have as much flexibility and requirements compared to HARP 2.0, which was introduced in 2012. Here are some of the main differences between the two:

• HARP 1.0 was limited to borrowers who were up to 125% underwater on their homes, while HARP 2.0 allowed borrowers who were more than 125% underwater to refinance.
• HARP 2.0 eliminated the cap on the Loan-to-Value (LTV) ratio, allowing borrowers with extremely high LTV ratios to participate in the program.
• HARP 2.0 extended the program until December 31, 2018, while HARP 1.0 had an expiration date of June 30, 2011.

In addition to these main differences, HARP 2.0 also required lenders to provide easier and faster underwriting processes, reduced fees, and fewer documentation requirements. The program was also expanded to include more loan types, such as investment properties, second homes, and manufactured homes.

Manufactured homes were not eligible for HARP 1.0, but HARP 2.0 provided homeowners with manufactured homes the opportunity to refinance through the program if their mortgages were backed by Fannie Mae or Freddie Mac. The requirements were the same as for traditional homes, with the added stipulation that the home must be a permanent dwelling that meets HUD guidelines and the borrower must own both the home and the land it sits on. This change was a huge relief for homeowners with manufactured homes who were struggling with negative equity and high interest rates.

Requirement	HARP 1.0	HARP 2.0
Loan-to-Value Ratio	Up to 125% LTV ratio	No cap on LTV ratio
Borrower Eligibility	125% or less underwater	More than 125% underwater
Loan Types	Primary residences only	Primary residences, investment properties, second homes, and manufactured homes
Expiration Date	June 30, 2011	December 31, 2018

In conclusion, the implementation of HARP 2.0 significantly increased the options and opportunities available to homeowners with negative equity and high interest rates. The added flexibility allowed more borrowers to participate and, for the first time, included manufactured homes as a viable property type for refinancing. If you’re considering refinancing your manufactured home, be sure to verify your eligibility with a HARP-qualified lender.

Benefits of HARP for homeowners

Home Affordable Refinance Program, also known as HARP, is a government program that was launched to assist homeowners with underwater mortgages to refinance their homes. This program focuses on refinancing loans that Freddie Mac and Fannie Mae currently own. As a homeowner, if you have a manufactured home, you may be wondering if you are eligible for the HARP program.

• The good news is that the HARP program is available for manufactured homes.
• The requirements for manufactured homes are the same as for traditional homes that Freddie Mac and Fannie Mae currently own.
• Manufactured homes that are eligible for HARP must have been constructed on or before June 1, 2009.

Now that you know that manufactured homes are eligible for the HARP program, let’s dive into the benefits of this program for homeowners.

• By refinancing through HARP, homeowners can obtain lower interest rates, which reduces the monthly mortgage payments. This enables homeowners to save more money each month.
• HARP also offers a streamlined refinancing process, which means that the process is simplified and quicker than traditional refinancing. This can help homeowners to access quick relief from their mortgage payments.
• Homeowners who have an adjustable-rate mortgage (ARM) can use HARP to switch to a fixed-rate mortgage. This option provides stability to homeowners, and they do not have to worry about the risk of rising interest rates in the future.
• HARP also allows homeowners to shorten their loan term, which means that they can pay off their mortgage sooner. This reduces the overall interest paid throughout the life of the loan.

Overall, HARP offers significant benefits to homeowners who have manufactured homes. It enables them to refinance their homes with lower interest rates and simpler refinancing processes. Homeowners can also switch to a fixed-rate mortgage or shorten their loan term, which provides stability and financial freedom. If you are a homeowner with an underwater mortgage on your manufactured home, consider utilizing the HARP program to refinance your home and reap these benefits.

How to Qualify for HARP

If you are a homeowner with a manufactured home and are struggling to pay your mortgage, you may be eligible for the Home Affordable Refinance Program (HARP). HARP was established by the federal government in 2009 to help homeowners with underwater mortgages refinance into more affordable mortgages. However, many manufactured homeowners are unaware that HARP applies to them too.

• Your manufactured home must have been purchased on or before May 31, 2009.
• Your manufactured home must be your primary residence or a second home (not an investment property).
• Your manufactured home must not have an unpaid balance that exceeds 125% of its current value.

If you meet these requirements, you may be able to refinance your manufactured home through HARP and potentially save hundreds of dollars on your monthly mortgage payment.

It’s important to note that HARP is only available through December 31, 2018, so time is running out to take advantage of this program. If you think you may be eligible for HARP, it’s crucial to act quickly and contact a HARP-approved lender to explore your options.

Eligibility Requirements	Benefits
Must have purchased home on or before May 31, 2009	Potential savings on monthly mortgage payments
Home must be primary residence or second home	Opportunity to refinance into a more affordable mortgage
Unpaid balance must not exceed 125% of current value	Ability to avoid foreclosure and keep your home

Overall, HARP can be a valuable resource for manufactured homeowners who are struggling to make their mortgage payments. By understanding the eligibility requirements and benefits of HARP, you can take the necessary steps to potentially save money on your mortgage and secure your financial future.

Refinancing Manufactured Homes

Refinancing a manufactured home is similar to refinancing a traditional home, but there are a few key differences to keep in mind. Here are some things to consider:

• Interest rates for manufactured homes can be higher than those for traditional homes, so it’s important to shop around for the best rate.
• The age of the home can be a factor in refinancing. Lenders may be hesitant to refinance homes that are more than 20 years old, as they may not hold their value as well as newer homes.
• It’s important to have a solid credit score and a stable income when refinancing a manufactured home.

If you’re considering refinancing your manufactured home, there are a few steps you can take to prepare:

• Check your credit score and report to ensure there are no errors or issues that could impact your ability to refinance.
• Gather your financial documents, including tax returns, pay stubs, and bank statements, to show your income and financial stability.
• Shop around for lenders who specialize in manufactured home refinancing and compare rates and terms.

When refinancing a manufactured home, it’s important to understand the costs involved. These may include:

• Application fees
• Origination fees
• Appraisal fees
• Closing costs
• Prepayment penalties, if applicable

To get an idea of how much refinancing your manufactured home will cost, use a mortgage refinancing calculator to estimate your monthly payment and overall costs.

Pros of refinancing a manufactured home	Cons of refinancing a manufactured home
Lower monthly payments	Higher interest rates than traditional homes
Potential to shorten the length of your loan	Lenders may be hesitant to refinance older homes
Cash-out options for home improvements	Costs involved in refinancing

Overall, refinancing a manufactured home can be a smart financial decision if you’re able to secure a lower interest rate and save money on monthly payments. However, it’s important to carefully consider the costs involved and ensure you have a stable financial situation before pursuing a refinance.

Guidelines for Refinancing Manufactured Homes

Refinancing a manufactured home is not that different from refinancing a traditional stick-built home. However, since manufactured homes are considered personal property, the process has a few unique aspects to it. Here are some guidelines to follow if you are considering refinancing your manufactured home:

• Check for mortgage options: It’s always a good idea to explore mortgage options, including personal loans and chattel mortgage loans. Chattel loans may have higher interest rates and shorter terms, but they may be a better fit for those who don’t own the land their home is on.
• Improve Your Credit Score: Like any other loan, your credit score will play an important role in securing refinancing for your manufactured home. Improving your credit score before refinancing increases your chances of getting lower interest rates and favorable terms.
• Shop Around: Don’t settle for the first offer you receive. Shop around and talk to multiple lenders to find the best refinancing option that suits your needs. Make sure to compare rates, fees, and terms from different lenders before making a decision.

What to Expect During the Refinancing Process

Before refinancing your manufactured home, you should know what to expect during the process. Here are a few things to keep in mind:

• Closing Costs: Refinancing your manufactured home will involve closing costs. These costs vary depending on the lender and may include appraisal fees, credit report fees, and title fees, among others. Make sure you understand the full cost up front, so you can budget accordingly.
• Home Inspection: Lenders may require a home inspection to ensure the manufactured home meets certain standards. The inspection can identify issues with the home that may affect its value, and cost the borrower additional money to fix.
• Down Payments: Some lenders require down payments before approving refinancing for your manufactured home. These payments are usually a percentage of the total loan amount, and can be a significant expense to the borrower.

The Benefits of Refinancing Your Manufactured Home

Refinancing your manufactured home can have several benefits, including:

• Lower Interest Rates: Refinancing can allow borrowers to secure a lower interest rate than their current loan. This can lead to lower monthly payments and significant savings over the life of the loan.
• Improved Loan Terms: Refinancing may allow borrowers to adjust the terms of their loan to better suit their financial needs. This can include extending or shortening the term of the loan, or changing the interest rate type from variable to fixed.
• Cash Out: Cash-out refinancing allows borrowers to take out a new loan that’s larger than their existing loan, giving them access to the difference in cash. This can be a useful option for those who need cash to finance home repairs or pay off other debts.

The Bottom Line

Refinancing your manufactured home can be a smart financial move, but it’s essential to understand the process and your options. By following these guidelines, you can make an informed decision and secure a refinancing option that suits your needs.

Guidelines for Refinancing Manufactured Homes
Check for mortgage options
Improve your credit score
Shop Around

Closing costs, home inspections, and down payments are important considerations that you should be aware of before refinancing. However, refinancing can offer lower interest rates, improved loan terms, and cash-out options. Ultimately, it’s important to fully understand the process to make an informed financial decision.

Can HARP be used to refinance mobile homes?

When the Home Affordable Refinance Program (HARP) was implemented in 2009, it aimed to help struggling homeowners refinance their mortgages at lower interest rates and more favorable terms. This left many Mobile Homeowners wondering if the program applies to them. Unfortunately, the answer is not as simple as a ‘yes’ or ‘no’.

While HARP technically includes manufactured homes, lenders do not always extend the same benefits to manufactured homes as they do to traditional single-family residences. Additionally, the mobile home must be classified as “real property” to qualify for HARP. This means it must be attached to a permanent foundation, not on wheels or treated as personal property.

Factors that Affect HARP Eligibility for Manufactured Homes

• The mobile home must have been constructed before June 15, 1976, the day that the federal government implemented standards that the homes must meet to be considered safe and habitable.
• Eligible properties must be owner-occupied, so rental homes don’t qualify
• The borrower must be current on the mortgage, with no late payments in the past six months and no more than one late payment in the past year

Alternative Options for Refinancing Mobile Homes

For Mobile Homeowners who don’t qualify for HARP refinancing, there are other opportunities available. The Federal Housing Administration (FHA) has a program that insures mortgages on manufactured homes, and they offer refinancing options under this program. Another route is refinancing with a personal loan, but be aware that these loans typically have higher interest rates than mortgage loans.

The Bottom Line

While HARP can be used to refinance some mobile homes, borrowers must take several factors into account before moving forward. Homeowners must ensure their mobile home meets specific requirements, and lenders may not extend the same benefits they offer for traditional single-family residential homes. Alternative options may not always be ideal, but there are still opportunities available to refinance and save money.

Pros	Cons
– Lower interest rates and more favorable terms.	– Eligible mobile homes must be classified as “real property.
– Refinancing program options are available through FHA.	– Mobile home construction date must predate 1976.
– Alternative options include refinancing with a personal loan.	– Personal loan rates are typically higher than mortgage loans.

What lenders offer HARP?

Homeowners with manufactured homes who are looking to refinance their mortgage may be interested in the Home Affordable Refinance Program (HARP). This program is designed to help those who owe more on their mortgage than their home is worth, or who have little equity in their home, refinance into a more affordable mortgage solution. While HARP is available to some manufactured home owners, it is important to note that not all lenders participate in the program.

If you are a manufactured homeowner interested in pursuing a HARP refinance, it is important to work with a lender that is knowledgeable about the program and its requirements. Here are some of the top lenders that offer HARP:

• Quicken Loans: As the nation’s largest online lender, Quicken Loans is known for its streamlined application process and excellent customer service. They offer HARP loans for manufactured homes, and can guide borrowers through the entire process.
• Wells Fargo: As one of the largest banks in the country, Wells Fargo offers a wide range of mortgage products, including HARP. They have expertise in serving manufactured home owners, and can help borrowers determine if HARP is the right solution for their needs.
• CitiMortgage: With over 200 years of experience, CitiMortgage offers HARP loans for manufactured homes, with flexible terms and competitive rates. They also offer online account management and educational resources to help borrowers make informed decisions.

Other potential lenders to consider when pursuing a HARP refinance for your manufactured home may include local banks, credit unions, and online lenders. It is important to do your research and compare lenders to find the best fit for your individual circumstances.

Here are some factors to consider when evaluating potential lenders:

Factor	Consider
Experience	Look for a lender that has experience working with manufactured homes and understands the unique challenges and opportunities involved.
Customer service	Choose a lender that offers excellent customer service and is committed to helping you achieve your financial goals.
Terms and rates	Compare rates and terms from multiple lenders to find the best solution for your needs and budget.
Application process	Look for a lender that offers a streamlined application process and can guide you through each step of the process.
Reputation	Research reviews and ratings from other borrowers to ensure that the lender has a positive reputation for ethical and responsible lending practices.

By taking the time to evaluate lenders and find the right fit for your HARP refinance, you can achieve greater financial stability and peace of mind as a manufactured homeowner.

How to Apply for HARP

Home Affordable Refinance Program or HARP is a federal program that helps homeowners to refinance their mortgages with lower interest rates and better terms. Although designed to help homeowners with federally backed mortgages, HARP also applies to manufactured homes. Manufactured homeowners who meet all HARP eligibility criteria can apply for HARP and benefit from it. Here’s how:

• Determine if your mortgage is federally backed: Before you apply for HARP, you should first find out if your mortgage is backed by Fannie Mae or Freddie Mac. HARP only applies to homeowners who have a mortgage owned or guaranteed by these two institutions.
• Check if you meet the eligibility requirements: To be eligible for HARP, you must meet all the following criteria:
• Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac.
• Your mortgage must have been originated on or before May 31, 2009.
• Your current loan-to-value (LTV) ratio must be greater than 80%.
• You must be current on your mortgage payments, with no late payments in the past six months and no more than one late payment in the past 12 months.
• You can’t have already refinanced under HARP, unless it was a Fannie Mae loan that was refinanced between March and May 2009.
• Gather your financial information: Before applying for HARP, you should gather all the necessary financial information that lenders would need to review your application. This includes your income, debts, and assets.
• Shop around for lenders: The next step is to shop around for lenders who offer HARP refinancing. You can start with your current mortgage provider and ask if they offer HARP refinancing. If they don’t, you can search for other lenders who do by contacting local banks and credit unions and checking online.
• Compare rate and terms: Once you have found a few potential HARP lenders, you should compare their rates and terms. Look at closing costs, fees, and interest rates to find the best deal.
• Submit your application: Once you have found a lender and compared rates and terms, you can submit your HARP application. You will need to provide all the necessary financial information and documentation to the lender.
• Wait for the lender to review your application: After submitting your application, you will need to wait for the lender to review your financial information and documentation. This process can take several weeks.
• Close your new loan: If the lender approves your HARP application, you will need to close your new loan. This involves signing all the necessary paperwork and paying all closing costs and fees.
• Start making payments on your new loan: Once your new HARP loan is closed, you can start making payments on it. Make sure to stay current on your payments to avoid any fees or penalties.
• Enjoy the benefits of lower interest rates: After refinancing with HARP, you will start enjoying the benefits of lower interest rates and better terms. You will have lower monthly mortgage payments, which will help you save money in the long run.

HARP Application Checklist

Before you apply for HARP, you should gather all the necessary financial information and documentation that lenders need to review your application. Here’s a checklist of the documents that you will likely need to provide:

Type of document	Description
Pay stubs or income statements	To verify your current income
Tax returns	To verify your income from the past two years
Bank statements	To verify your assets and savings
Monthly mortgage statements	To verify your payment history and current LTV ratio
Homeowners insurance policy	To verify that your home is insured
Title insurance policy	To verify your ownership of the property

By having all of your financial information and documentation ready and organized, you can streamline the HARP application process and increase your chances of being approved for refinancing.

Does HARP Apply to Manufactured Homes? FAQs

1. What is HARP?

HARP stands for Home Affordable Refinance Program – a government initiative designed to help homeowners refinance their mortgages if they owe more than their homes are worth or have other financial difficulties.

2. Can I Refinance a Manufactured Home with HARP?

Yes, you can refinance a manufactured home with HARP. However, there are some conditions that you need to meet, including having a Freddie Mac or Fannie Mae loan and being current on your payments.

3. What is Considered a Manufactured Home?

A manufactured home is a type of housing that is built in a factory and transported to a specific location. It is constructed on a steel frame with axles and wheels, and can be single or multi-sectional.

4. How Do I Know if I Have a Freddie Mac or Fannie Mae Loan?

You can check if you have a Freddie Mac or Fannie Mae loan by visiting their respective websites or speaking with your mortgage servicer.

5. What are the Benefits of Refinancing a Manufactured Home with HARP?

Refinancing a manufactured home with HARP can help you lower your monthly payments, reduce your interest rate, and get a better mortgage term.

6. Can I Refinance a Manufactured Home with Bad Credit?

It is possible to refinance a manufactured home with bad credit, but it can be challenging. You should speak with a lender or credit counselor to discuss your options and develop a plan.

7. How Can I Apply for HARP Refinance?

To apply for HARP refinance, you should contact your mortgage servicer or a lender that participates in the program. They will guide you through the process and help you determine if you are eligible.

Closing Thoughts

Thanks for taking the time to read about HARP and manufactured homes! We hope this article has helped you understand the basics of HARP refinance and how it can apply to manufactured homes. If you have any questions or would like to learn more, feel free to visit our website or contact us directly. We are always happy to help and provide the information you need to make informed decisions about your home and finances. Thanks again for reading, and we hope to see you back soon!