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Does a borrower need to income qualify for harp 2?

by jared.peters274 from Milpitas, California. Mar 4th 2014 Reply


Dr. Shab Kavandi (skavandi)
#468 ranked lender in California - 53 contributions

It depends to the borrower situation! For detail info please call me directly at 714 639 6694! ~~~~~Cheers~~~~~Shab

Mar 4th 2014
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

You don't need to be employed, but you do need income.. There is a guideline that states if the borrower has sufficient reserves (Cash in a savings account) equal to 12 monthly housing payments, then there would be no income qualifications necessary.. this is the guidelines for conventional loans being sold on the open market, but each lender who offers financing will often times have their own rules, and for most lenders they will require income to qualify.. 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Mar 4th 2014
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Dan Paladin (dpaladin)
#1 ranked lender in California - 587 contributions

The short answer is yes...debt ratios more forgiving....For complete details...feel free to contact me...877-369-4319

Mar 4th 2014
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Dan Marchiando (dan@yourbestinterest.net)
#470 ranked lender in California - 29 contributions

Hi Jared,Unlike traditional Agency loans, you are not limited by 45 to 50% debt ratios. But you do have to have SOME source of income, even if it isn't enough to qualify for a loan outside HARP. Contact me through my profile. I can help.Sincerely, Dan Marchiando, California mortgage broker

Mar 4th 2014
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David Drakeford (david_drakeford)
#0 ranked lender in California - 63 contributions

Not necessarily employment, but there would need to be some source of income. Give us a call so that we can further explain and also find out more about your specific situation. 800-446-9043 ext 801

Mar 24th 2014
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Robert Hanson (rhanson)
#38 ranked lender in Maryland - 646 contributions

In some form, yes, but HARP loans have more flexibility in determining ways for you to qualify. Please make sure that you speak with an experienced lender who will lay out various options and intelligently discuss the pros and cons of each with you. I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address for live chat or quote is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Apr 4th 2014
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Mike Silkworth (msilkw_195_870)
#31 ranked lender in Michigan - 527 contributions

Income requirements may be relaxed, but they do need to show employment.

Apr 5th 2014
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Sharon Duffy (sduffy)
#71 ranked lender in Pennsylvania - 595 contributions

You must have some sort of income.

Apr 11th 2014
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Derick Condron (rightstartoregon)
#32 ranked lender in Oregon - 598 contributions

yes you will need income it is not like a FHA streamline

Feb 26th 2015
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Jesse Stroup (jessestroup)
#4 ranked lender in Idaho - 593 contributions

Some lenders don't require all the income information while others lender will want the full monty. Call around to your local mortgage bankers or brokers for more loan options. Jesse StroupMortgage Professional | Mortgage Man Twitter: @jessestroup

May 22nd 2015
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Michael Diaz (sincityloandr)
#60 ranked lender in Nevada - 66 contributions

You do need income but I have since loans accepted with higher ratios. Would need to look at file as a whole though. please contact me with any questions 702 764 3511 - mdiaz@goalterra.com

Feb 21st 2019
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