Problem Five

No Refinancing for Non-Fannie Mae/Freddie Mac Underwarer Conventional Portfolio Loans


There is no refinance program for underwater homeowners like HARP available for non-Fannie Mae, non-Freddie Mac conventional portfolio mortgage holders who are underwater but want to stay in their home.
Fannie Mae and Freddie Mac have HARP 2.0.
FHA, VA and USDA mortgage holders can apply for a streamline refinance where no appraisal is needed to take advantage of refinancing.


A Refinance program for non-GSE loans which would also include FHA, VA and USDA was introduced by President Obama during the March 2012 State of the Union address. However, the plan never got through Congress. There is talk about the HARP 3 which reportedly will cover all non-GSE  mortgages. Homeowners who have a conventional loan that is not a Fannie Mae or Freddie Mac loan are stuck with no solution! What’s holding this up? 

Continue to Problem 6