I heard harp 2.0 has updated that no need to verify income if there is an alternative income to cover up 12 months PITI.

The recent update to DU, and the enhanced guidelines have an new feature called "Reserve Alternative": Borrower must document liquid financial reserves equal to 12 months of the new PITIA payments on the subject loan from acceptable sources (e.g., checking or savings accounts, CDs, money market funds, stocks, bonds, mutual funds, and retirement accounts that are documented with at least one month account statement).. since this updated just came out October 11th, Most lenders have not made changes to their overlays to allow for this guideline, or have determined they wish not to participate... in any case, I'm pretty sure there's a lender out there willing to follow the latest DU changes.. My contact info is below.. I'll check with my investors and see if any of them are allowing this scenario.. email me your contact info, and I'll let you know what I find out... 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

Regardless of what you read "HARP" offers - Remember that Fannie Mae and Freddie Mac DON'T DO LOANS! They buy finished loans from lenders after the fact. First you need to get a lender to actually do the loan, and lenders add overlays because they assess risk differently than Fannie and Freddie. I don't see many lenders taking the risk.

This change was to accommodate those people that are "cash rich and income poor" It used to be that a borrower with substantial asset in a brokerage account or an IRA, but was not generating monthly cash flow to support the debt servicing was ineligible to finance, without creating a monthly distribution plan to spit out X dollars per month. Now, as long as they have the ability to withdraw, they can use these cash assets to qualify. As William stated, not all lenders have implemented this change into their guidelines (overlays). Slowly but surely, most of them will. Work with a local Mortgage Banker/Broker such as William or myself and we can get your loan done for you. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

We at Peoples Mortgage offer the HARP loan and if you would like to discuss your options give me a call 602-531-7040.Thank you.

what are you trying to acomplish??? linda