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Does HARP 2 help people with high DTI also?

We have a lot of debt, but have been somehow able to make payments ontime for mortgage. Can we qualify for harp 2?

by Leslie_582_310 from Dallas, Texas. Mar 23rd 2012 Reply


James Barath (JamesBarath)
#9 ranked lender in Indiana - 352 contributions

Yes you can Leslie. A great contact in Dallas Texas to discuss your particular situation would be John Cannata of Supreme Lending. You can reach him at 214-728-0449 or email him at john@texasloanguy.com. Good luck with your HARP 2 refinance.

Mar 23rd 2012
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Timothy Singleton (TimSingleton)
#57 ranked lender in Texas - 15 contributions

The short answer is, Yes, you can qualify with high ratios. I am working with a couple of people right now that have high dti and we have an approval. Call me to complete your application to see if you qualify at 214-733-6899.

Mar 23rd 2012
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Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,061 contributions

Yes it does. Make sure you work with a local Mortgage Banker/Broker. DON'T use one of the big banks, DON'T use one of the big national Mortgage factories, and DON'T use the people you are currently making payments to. We have heard that the big banks are already advising their customers that it could be a 4-6 month lead time before they will be able to close escrow. You shouldn't have to wait. The local or regional Mortgage Banker/Broker is better equipped to handle the volume. We tend to be much more nimble in adding or moving personnel to accommodate a spike in volume. The big guys don't want to hire more people, so instead you wait and wait and wait. Another benefit is that your local Mortgage Banker has access to all the lending sources, allowing for an easier fit into the lender or program that makes the most sense. Whoever you choose, make sure you check them out at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Mar 23rd 2012
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William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

Lenders have overlays but the HARP 2.0 does not have a DTI requirement... however it is different for Fannie Mae vs. Freddie Mac... we have had Freddie own loans under HARP 2.0 get qualified to be under 45% DTI... contact a local mortgage broker, not a bank and certainly not one of those 50 states lenders or internet lenders... The broker has access to many different lenders and can find the lowest rate and costs for your particular loan scenario.. WilliamAcres.com

Mar 23rd 2012
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Melvin List (melvinlist)
#144 ranked lender in Florida - 124 contributions

I would suggest a local mortgage broker run your file thru the Automated Underwriting System to see of the Debt to Income qualifies.I only lend in Florida!

Mar 23rd 2012
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