Lender denied Harp 2.0 refi due to a high DTI (56%) in California.
My LTV is 90% and payment history is good (never late). My DTI is high due to recent credit card payments (within the last year). I am unable to get my lender to discuss overlays or the manual underwriting option. I have stable work history, good salary and avg credit (700) but limited assets. Are there any institutions that will allow the HARP 2.0 in my situation? I am exhausting a list of approved HARP lenders obtained on the MHA website. Only one lender said it is worth a shot to see what comes from the DU application. I am now in need of guidance from anyone who knows HARP in California. -MKM in Corona by darane_978_672 from Richardson, Texas. Jan 9th 2013
Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions
We specialize in HARP. There isn't a lender in the nation that will do a manual underwrite with Fannie Mae HARP loans. Every lender goes off of the DU approval. We do not have a DTI limit but we must receive an Approve/Eligible, EA-I, II, or III approval. Fannie Mae basically has to back it for us or any lender to finance it. We are good at getting DU's through. Let me know how the other lender turns out. If you would like to discuss options give me a call. 888-320-7888 - www.MortgagesforAmerica.org - Ken Burrows
Lorne Harvey (lorneharvey)
#77 ranked lender in Washington - 439 contributions
We may also be able to help you....Google American Pacific Mortgage in Roseville, CA. Ask for Karen or Lindsay........
Edgar Aranda (earanda)
#755 ranked lender in California - 93 contributions
I can honestly say we have zero, none overlays to Fannie Mae guidelines. I have recently closed loans with DTI as high as 65%. If your property is in California, we should be able to help. Earanda@firstcal.net or call 858-663-0473
Steven Ceceri (123LoanYes)
#12 ranked lender in Rhode Island - 723 contributions
Good Morning! I work for a Federally Chartered Bank and able to originate loans in all 50 States. We bank and also can broker loans through out conduit channels and I believe that I can help you analyze your file, without any obligation or need to pull my own credit to start. Feel free to let me know if this interests you. You can reach me by visiting my profile on this site or visiting www.123LoanYes.com. I look forward to hearing from you! Steven
Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions
While HARP 2.0 sounds great in theory... The reality is not everyone who thinks they qualify will be approved. All lenders need to run your loan through the Fannie Mae or Freddie Mac loan approval software system. Every lender entering the same information will get the same answer.
Melvin List (melvinlist)
#143 ranked lender in Florida - 124 contributions
I agree with Joe but you could have received an expanded level approval and that lender might not offer that product. I would contact a local mortgage broker in your area. I only lend in Florida!
Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions
I might a solution for you please email me at yourloanpartnerforlife@live.com linda 602-330-1598
Ralph Richard Guertin (ralph@absolutelowrates.com)
#58 ranked lender in Georgia - 807 contributions
I can do your loan.....
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