Do I qualify for a HARP re-fi even though I am not "underwater"?

Hello Kristi,the short answer is yes, you do qualify if you are not underwater, however the Debt-to-income ratio is important. We have been able to get an approval from Fannie Mae for homeowners with DTI as high as 65%. for a free consultation please feel free to contact Houtan Hormozian via houtan.hormozian@crestico.com or call 310-933-4748

Yes, as long as your LTV is at or over 80% then you qualify for a HARP loan.

To qualify for HARP financing your loan must have been initiated prior to may 2009, and be owned by Fannie or Freddie... so it's looks like your loan meets those requirements.. Under HARP you cannot combine a first and 2nd into one loan.. It's not allowed.. Also without knowing what your debt to income is, it's hard to say what will or will not work... We have had success in getting Fannie Mae's automated underwriting system to approve someone in the 60% DTI ratio range but don't grasp on to this as your saving grace!!!... The scenarios where this would be relevant do not apply to someone who has no reserves and in credit counseling... One of your mistakes is using USAA for a mortgage.. You need to contact a LOCAL mortgage broker.. One who has access to numerous lenders who offer numerous lending programs.. This way, they can seek out the best program for your particular scenario.. 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. 480-287-5714 WilliamAcres.com

You do not have to be underwater in order to qualify for HARP. One of the flexibilities of HARP is the ability to qualify with a higher than normal DTI ratio. We never know precisely how high Fannie/Freddie will let us go, the only way to determine is to have your scenario run through their respective system. You need to know that the 2nd mortgage cannot be combined with the first per HARP guidelines. Get with a local mortgage broker or contact me since I have fellow loan officers in my company that are licensed in CA.

I can do your loan for the California market, and I also have a great loan officer in California if you want face to face..The most important with the USAA, THEy are more strict than most, i have gotten a lot of turn downs from them!! please phone at 602-330-1598 or email me at yourloanpartnerforlife@live.com linda

Hi Kristi, As other have said, you can use HARP even if the house value is above what you owe - there are other features of the loan that make it beneficial too. Your DTI is a definite consideration, and if you are in a debt management program with CCCS that can be an issue as well. You may be able to combine the 2nd mortgage with the new loan but it will depend on the value of your home compared to the new loan amount.