Is it possible for a US Citizen living overseas to refinance an investment property in the United States under HARP 2.0?
I have beaten down almost every door, but the primary response I have gotten from almost everyone is that they can't use my credit report since I don't live in the United States. It's really hard for me to believe I'm simply stuck with my mortgage unless I move back or sell the house. If this true regarding HARP 2.0 about credit reports, is it even possible to refinance with another product or is this a rule across the board? Any help is appreciated. My current situation with this house is that it has an LTV of around 80%, but I could probably get it down to 75% with some of my own cash. I would hate to lose out on the current rates. by sergep_542_351 from , . Apr 2nd 2013
David Baker (David Baker)
#1 ranked lender in Iowa - 52 contributions
State of the subject property, please?
Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions
Yes, it can be done. I've done it but there are a few more hoops you have to jump through like go to the Embassy and get some some docs notarized. If you can in Utah please contact me.
Carlos Figueira (carlosfigueira)
#107 ranked lender in New Jersey - 199 contributions
Yes, you can refinance an investment/rental property with HARP, even if the home was once your primary residence. You can refinance a home on which you're an "accidental landlord". The loan must meet typical program eligibility standards. As to the credit report issue, that is were your problem will be, HARP requires a credit report and with a address outside the states we will not be able to pull your credit. You may be stuck with higher rate.
Janine Bodway (jbodway)
#4 ranked lender in Montana - 42 contributions
What is your current rate and how much do you owe?
Carlos Figueira (carlosfigueira)
#107 ranked lender in New Jersey - 199 contributions
Sorry, if living abroad and there is no credit report that can be pulled we require 35% equity (65% LTV).
Kiernan Brown (KiernanBrown)
#49 ranked lender in Michigan - 149 contributions
Some lenders do have the ability to use credit references from foreign countries to achieve the required number of seasoned credit references, if a non-U.S. citizen borrower does not have enough tradeline references in the United States to satisfy requirements. However, it is best to have a thorough conversation about your specific situation. If the HARP 2 program does not allow, you could refinance an Investment Property at 75% LTV. Unfortunately, I do not work in MA.
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
Another challenge may be that you do not live in the property.
Phil Dumouchel (PhilDu)
#32 ranked lender in South Carolina - 2,249 contributions
You don't really say whether you have credit in the US or only overseas. Also, do you file a US - IRS tax return on your overseas income?
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