Harp 2 or no?

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I am in the same situation. MY loan is backed through Freddie Mac and my loan servicer is Nationstar Mortgage who told me that I don't qualify for Harp 2.0 b/c my DTI is 53% and the max for Harp is 45%. I contact Quicken Loans and they denied me too and said that my LTV is higher than 125 and that they can not do the loan. When I contacted Nationstar they told me that each lender can do what they want with the program, if they want to go higher with DTI or LTV it is up to the particular lender and to call around. I am at 0/2 and will continue to call more since they already pulled my credit score. I think i have 30 days for it to be counted as one inquiry on my credit score and get this my scores are all in the high 700's!!! Does anyone know WHAT LENDERS do higher DTI and LTV? I had read the Harp guidelines and see that with fixed rate there is no LTV limit but I guess it is up to the lenders what they want to approve or not.

Who did you work with over at New American Funding. They contacted me as well but are you concerned that they had a few complaints on the BBB website?

Who was the loan rep you worked with at CMG?

It was Brian Parker at CMG (I hope it's ok to give that, if not, let me know and I will edit). I know our LTV was high, but our DTI is not in the high range, so I do not know what they allow for that. Our housing DTI was about 15-18% with the new loan, and total DTI was about 24%. Hope you find someone to work with you! If you are paying your bills now, and LOWERING your payment, I don't see what the problem is!

Right now I can't qualify for harp 2because I owe more than what the house is worth

Hi Jmm239 - HARP 2 was created to help underwater homeowners refinance. If you owe more than your home is worth and your loan is backed by either Fannie or Freddie, you can refinance it. If you have an FHA or VA loan and are underwater you can refinance through their respective 'Streamline' programs.

Let me know if you want some more information on some HARP 2 FAQs. I have found some very interesting articles online.

HAPPY_CHRISSY said:   I am in the same situation. MY loan is backed through Freddie Mac and my loan servicer is Nationstar Mortgage who told me that I don't qualify for Harp 2.0 b/c my DTI is 53% and the max for Harp is 45%. I contact Quicken Loans and they denied me too and said that my LTV is higher than 125 and that they can not do the loan. When I contacted Nationstar they told me that each lender can do what they want with the program, if they want to go higher with DTI or LTV it is up to the particular lender and to call around. I am at 0/2 and will continue to call more since they already pulled my credit score. I think i have 30 days for it to be counted as one inquiry on my credit score and get this my scores are all in the high 700's!!! Does anyone know WHAT LENDERS do higher DTI and LTV? I had read the Harp guidelines and see that with fixed rate there is no LTV limit but I guess it is up to the lenders what they want to approve or not.

in the exact same boat with same lender. lmk if you get anyone to lend high dti

Hi guys...

As noted below the whole point of Harp II is to refinance underwater mortgages. I just completed a refi with an LTV of over 125%.

Here's the scoop on Harp II:

1) Must be a Fannie Mae or Freddie Mac loan. There is a link on those sites where you can look it up via name and address in 10 seconds.
2) Must have excellent credit, be current on the mortgage payments, and not have a lot of revolving credit. Your eligibility is checked via an automated Harp II program that the mortgage brokers use. They can also tell you immediately your eligibility for Harp II via once you give your social, etc.
3) OK to have PMI. Ok to be underwater (or, as they call it, have over 125% LTV or loan-to-value ratio). Depends upon the lender. I used 1st2ndmortgage of New Jersey. There are many out there. The companies are also listed on the Fannie Mae or Freddie Mac websites.
4) No appraisals needed.
5) No up front fees - built into the closing.

I just refinanced on a Florida rental with over 125% LTV and PMI - went from 30 year 6.75% to 15 year 3.62%. A lot of noise on Harp II is people with bad credit who don't want to own up to it, they blame the program. The program works.
You owe it to yourself to check it out. Harp II closes in December of 2013. If you aren't eligible immediately, see what you can do to get there via your credit. The savings are enormous.

http://www.freddiemac.com/avoidforeclosure/participating_lender_...

Above is the link for Freddie Mac lenders for Harp II. If you are looking for a high LTV loan and you have excellent credit, you should be able to find a lender. Just start at the top and go down. That's what I did.



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