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is there a restriction on adding a spouse to the mortgage and qualifying for the Harp 2.0 program?

by ceo818_877_664 from Framingham, Massachusetts. Jan 17th 2013 Reply


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

My guess is that you talked to a bank rather than a broker.. Most bank employees don't have the same level of training and education to properly advise borrowers regarding their specific scenarios... they can take an application, but all the other work is handled by other departments.. You're far better off if you contact a LOCAL mortgage broker and apply with them. Do not use the local "Big" bank, or one of those 50 states internet lenders or nationwide 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

Jan 17th 2013
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Barb Lanis (BarbLanis)
#72 ranked lender in Illinois - 663 contributions

Not at all. You can Add or Remove a borrower under HARP 2.0. For example, some borrowers purchased their home on their own credit and then later married. Harp does not have a problem with that. Sometimes people have changed their situation (i.e. divorce) and they need to remove a borrower. Still no problem. Only one of the original borrowers must remain, but please keep in mind that they must qualify for the refinance under Harp debt-to-income guidelines.

Jan 17th 2013
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Ray Hazucka (r.hazucka@mybbmc.com)
#67 ranked lender in Illinois - 36 contributions

No there is not. Can you provide any additional details so that I could assist you?

Jan 17th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Per Fannie Mae Guidelines for Adding Borrowers:It is acceptable to add borrowers that occupy the property to the new loan provided the original borrowers remain on the new loan.I'm here in Massachusetts and happy to help you locally! Please contact me anytime. Thank you and good luck!

Jan 17th 2013
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I was trying to refinance under this program and was told by my mortgage company that I could not add my husband to the loan as it was a requirement (Freddie mac loan) that there were no changes to the borrowers. I bought the house before I was married and now am a stay at home mom so would need his income to pass the ratio test

Jan 17th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Freddie Mac Relief Refinance Program Guidelines for Adding a Borrower: * At least 1 borrower from the mortgage being refinanced is retained.* A non occupying co borrower may not be ADDED to the new mortgage secured by a primary residence.

Jan 17th 2013
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,960 contributions

NO... You can add or even remove someone under the HARP program. Understand that 80% of "Loan Officers" are unlicensed application clerks, not professional Loan Officers. The vast majority of these unlicensed application clerks work at banks. Always work with a LICENSED Loan Officer! www.HARP-Refiance-MN.com

Jan 18th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

I'm with William on this. Talk to a local lender that can help you. You can add and take people off a Harp loan.

Jan 18th 2013
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Joe Shamie (Joe Shamie)
#5 ranked lender in New Jersey - 1,412 contributions

HARP Guidelines will allow you to add a borrowr to the new loan AS LONG AS THE PREVIOUS BORROWER REMAINS on the the NEW loan as well.

Jan 18th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

Their are restrictions but you can do it.

Jan 18th 2013
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Steve Azarch (sazarch)
#18 ranked lender in Tennessee - 93 contributions

No restriction to adding spouse but you must follow Fannie Mae guidelines in which other people have already outline to you.

Jan 18th 2013
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Matt Pollina (matt@smartmtgs.net)
#59 ranked lender in Illinois - 40 contributions

It is NOT easy to Remove a borrower however, it IS easy to add a borrower under the HARP 2.0 program.

Jan 18th 2013
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