A Harp loan is based upon your home first being owned by Fannie and Freddie Mac. As long as it is I may be able to receive an exemption based upon compensating factors.May 26th 2015
The guidelines for HARP refi's did change in September of 2012, which allowed for borrowers with no verifiable source of income to document that they had 12 months PITI in reserves/assets to qualify.. the problem is that the government does not lend money, the banks do.. and they are allowed to add their own guidelines above what HARP calls for.. it's these "Overlays" that will prevent lenders form allowing this HARP exception.. I have relationships with 21 different lenders, and none of them will allow this. There is another exception called "Depleted Assets" which allow you to prove income based on a the depletion of a large asset. Example:.. you have a professionally managed brokerage account with $360,000 in it.. if you have your broker set you up with a regular reoccurring transfer of $10,000 or less into your checking account, then this $10,000 per month transfer will be considered as income for qualifying purposes.. the guideline states your assets must be sufficient to carry you for at least 36 months.. this guideline is allowed by many lenders.. I have several.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.comMay 26th 2015
Didn't find the answer you wanted? Ask one of your own.