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Harp refi and self employment

Hi,I would very much like to refinance my mortgage to a current rate. I am in Florida with a townhouse zillow value of $270k and a mortgage balance @ $310k, and my mortgage is with Freddie Mac. I am self employed with decent income last yr and little income the yr prior but I also have assets to satisfy 12 mos of payments, etc. Any ideas?Thank you, by Kkopsi_956_146 from Delray Beach, Florida. Jun 13th 2013 Reply


Mark Collins (ahfund)
#129 ranked lender in Florida - 13 contributions

Have you contacted your current mortgage servicer? Most of the big banks are doing HARP refinances and that's probably the best place to start. Good luck - Mark

Jun 13th 2013
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Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,318 contributions

Two years of IRS form 1040 Schedule C income should be sufficient to prove income.

Jun 13th 2013
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Sharon Duffy (sduffy)
#70 ranked lender in Pennsylvania - 595 contributions

I The HARP program does require verification of income, but some lenders may require it anyway. If you cannot (or will not) verify income with your lender, you may show 12 months of PITI in reserves as a substitute for actual verifiable income. PITI stands for Principal, Interest, Taxes, and Insurance. In short, if you can show that you have 12 months of housing payments "saved up", HARP will treat those reserves as "income".I am licensed in Florida please give me a callSharon 732 606 6264

Jun 13th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,468 contributions

Other than your existing mortgage company, most other lenders will require you to document, and show enough income to qualify, by you providing your last two-years federal tax returns. www.HARP-Refinance-MN.com

Jun 13th 2013
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Steven Cook (stcookmortgage@gmail.com)
#38 ranked lender in Washington - 256 contributions

If your current lender is not able/willing to help, you should call some local, licensed mortgage offices, and ask if they are "Direct Freddie Mac": -- if they are, they can help you because they should be able to do a HARP loan without requiring income proof or appraisal.

Jun 13th 2013
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 678 contributions

Most lenders should only require the previous year income docs.

Jun 13th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

You need to apply with a lender 411 loan officer and the will Run LP and then you'll know if you can only use the one year of income.

Jun 13th 2013
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Eric Vander Werff (Loanguy99201)
#86 ranked lender in Washington - 27 contributions

Would love to try and help you - like mentioned earlier, will need to take your application and run the Freddie Mac approval to see what the findings say. Feel free to contact me and I can walk you through it. Thanks,

Jun 13th 2013
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Michael Patterson (MichaelPatterson)
#52 ranked lender in Washington - 73 contributions

Many HARP refinances only require 1 year of income documentation. Our company follows the automated underwriting approvals with no "overlays" for additional requirements typically. We alsodo not have a loan to value cap on HARP refinances. I'm not licensed in FL but we have loan officers who are. www.lhfinancial.com

Jun 13th 2013
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