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Can I qualify for a HARP2 loan with my status?

I have a loan that was taken out back on Jan/2009. I've never missed a payment and current on my loan (owned by (Fannie Mae). 1 year after I got my loan I was laid off (at the time of loan approval I was a W2 employee) and started to collect unemployment for the next year as well as doing independent contract work. For the last 2 years now I have been doing consulting work and receiving income as a 1099-MISC and independent contractor. I'm in the process of building up my consulting business so I would classify myself as being self employed now (Sole proprietorship). So I have excellent credit score (740+) and my loan is not underwater. My current loan is around 197K and home value is around $260-270K (I did 20% down payment). I want to be able to do refinance since it would lower my monthly payment by about $200 a month. I have high assests as far as bank accounts and 401K.So I was reading on other sites that with the new HARP 2.0 refinance you don't need to requalify for the loan if the new payment is lower than your old payment. Is this true? So would I need to disclose income/assests again or not? Is there a lender that would be able to do a refinance for my situation? Any suggestions? by joeman_369_356 from Riverside, California. Jun 21st 2012 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

You will need to income qualify but only one year of tax returns are necessary... there might be an issue, but the lender should be able to go around it pretty easily... so the best advice I can give you is to contact a LOCAL (to your property) mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. 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

Jun 21st 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

You should be fine. Go for it!!!

Jun 21st 2012
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Gregorio Denny (GVDenny)
#258 ranked lender in California - 380 contributions

It does not sound like you should have a problem with a refinance. I'd be happy to take a look at your situation for you. Please contact me through my profile. http://HarpSupport.Com

Jun 21st 2012
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Marty Borges (mborges)
#254 ranked lender in California - 20 contributions

HARP does require you to provide income but no assets. Income for 1 year but HARP has higher debt to income ratio and seen approvals up to 65%. What was your income for last year reported on your tax returns?Martymborges@vestacapital.us

Jun 21st 2012
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I had to an extension on my taxes for 2011 so have not got them back from my accountant. I do have tax returns for 2010 and 2009.

Jun 21st 2012
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MIKE CONVIN (mconvin)
#6 ranked lender in Delaware - 202 contributions

hi there: I have investors with minimal overlays...Your 2 yrs being a 1099 is fine..Tax filing extension is doable but I need to see line 4/5 on the tax extension if you'd like to discuss. To answer your question regarding not qualifying for the Harp 2.0, this is possible but who is your current lender/servicer ? Give me a call to discuss if you'd like. (Mike 703 505 5300) NMLS 754875

Jun 21st 2012
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My current mortgage is serviced by SunTrust Mortgage.

Jun 21st 2012
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With my particular situation is it better to try to do the refinance from one of the online lenders (seeing some great rates with low closing costs) or should I stick to a local lender where I can go in physically to do the refi? Or can all this be done by way of phone, email, fax, etc. and don't really need to see anyone with this type of refi? Any suggestions?

Jun 21st 2012
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Linda Wintersteen (Linda123)
#62 ranked lender in Arizona - 1,256 contributions

Harp will not work for you if you have equity, and it sounds like you do.. IF you want, send me your address and I will do a comp search, and a property analysis for you yourloanpartnerforlife@live.com ALSO , there is a line on your tax returns that writeoffs are taken there, so please call me and let me know what you have on your tax returns.. linda 602-330-1598 a lot of people miss this line, and do not reallize the impact it makes on your income if you are self employed/ contractor ...

Jun 21st 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

As I said earlier.. You should definitely use a local mortgage broker... a real Brick and Mortar building you can walk into if you want.. You can still send all your paperwork in via email or fax, but there are nearby just in case you have an issue.. Do not use the bank and or the internet lenders..Don't be fooled by all those low rates you see on yahoo or Google.. They don't apply to your 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

Jun 21st 2012
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

i agree i am not a fan of online mortgage companies either. the local broker or lender will know you by name not by your phone number. Plus wouldnt you rather drop off your paper work rather than have it sent through some kind of e-fax for it to get lost somewhere in another part of the world?

Jun 21st 2012
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Any suggestions on finding the best local mortgage to get a hold of? Should I just find a few in my local area and call and/or go in person to see what each one can offer me as far as rates and if they can do the loan?

Jun 21st 2012
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