Does the Harp Loan requier income verification

Yes, you will need to supply income information, but there are some creative ways to add income if you don't meet the ratio requirements. I'm happy to share that information with you if you'd like. Let me know if you would like help by reaching out to me offline. Thank you!

There is no such thing as a stated income loan any more.. all loans, including HARP require you prove your ability to pay... The Financial Reform Bill HR4173 signed into law by President Obama on 8/1/10 outlaws stated income and no doc loans.Section 1411 reads: ''(4) INCOME VERIFICATION.--A creditor making a residential mortgage loan shall verify amounts of income or assets that such creditor relies on to determine repayment ability, including expected income or assets, by reviewing the consumer's Internal Revenue Service Form W-2, tax returns, payroll receipts, financial institution records, or other third-party documents that provide reasonably reliable evidence of the consumer's income or assets..." The new law does allow exceptions to this rule for HUD, VA, USDA and Rural Housing Service loans, however the exceptions usually refer to streamline refinancing of these loans. For all conforming financing, they will require w2's, 1099's, personal and business tax returns etc.. For private money lenders, they just have to verify your ability to pay, so they could use just a bank statement showing regular deposits, and they have complied with the law.. but expect large down payments, and high rates and costs if you plan on using a Private Money Lender.. 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

Yes, you do need to prove that you are employed. If you cannot show that you have a job, then you should contact your current lender.

From a fellow Woodinville resident, yes, the HARP loan does require income documentation. Income is King in lending right now and I'm sure you're already aware of the relaxed requirements regarding credit scores and Loan to value. Let me know if I can help.RHoward@bostonprivatebank.com

Yes, you will be asked to provide income information to show you qualify. Employment verification will also be requested. Feel free to contact me for specific loan guidelines. I am licensed and reside in WA.JP253.797.4194

YES. In essence, the loan is normal in all regards EXCEPT for the appraisal and how lenders deal with your loan-to-value. www.HARP-Refinance-MN.com

Yes, but the requirements are more relaxed so get with a local lender to discuss your situation

Yes. Employment & income verification is required.

Yes, only your current servicer can be really loose with this aspect but they usually get you in the rate, HARP allows for ratio's to be as high as 63% with compensating factors thru a DU approval and the rate would be better shopping with a mortgage broker...

Yes, most lenders will want at least paystubs and W2s. Some may want taxes at least for 2011. Good luck.

Yes. you will need to document income for ANY loan that goes to Fannie or Freddie.

Yes it does, you also need to have had your loan bought by Fannie or Freddie no later than may 31st 2009Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation.Ask for Michelle or Benny We will find the Best Mortgage Option to suit your needs!You can check us out at www.BestMortgageOption.com

Yes. Employment verification is required when applying for the HARP 2.0.

Yes, but sometimes the loan servicer (where you make your payment) has a "streamlined" process for that. Others who has said your rate and fees would likely be better else where are probably correct, so unless this is an issue shop around.

NO! (Just kidding... I just wanted to give a different response...) Unfortunately, yes, income verification is required for HARP loans. Depending on the automated underwriting approval results however, we may be able to obtain reduced documentation. Some approvals only ask for 1 year tax returns for instance. One option that many loan officers overlook, (letting the cat out of the bag here maybe), is that it may be possible to add on an additional Co-Borrower to primary residence transactions as long as at least one original Borrower is retained and the Co-Borrower occupies the property. In addition, with offsetting factors such as great credit or assets, the automated underwriting approvals may allow for higher debt ratios. Time for the shameless plugs? Ok... We don't have a cap on loan to value either with either Fannie Mae or Freddie Mac owned loans. I just closed an investment property at 170% loan to value on a Freddie Mac HARP loan for instance. Here's a site with more information available if you'd like to check it out! http://landhomenw.com/harp2_home.htm

Bottom line is, income verification is necessary with all residential mortgage loans.