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will any lender do a non owner occ. HARP refi in WV w/o looking at DTI. good credit. no missied payments.

by leaman_710_115 from Lancaster, Pennsylvania. Jan 5th 2013 Reply


Edgar Aranda (earanda)
#753 ranked lender in California - 93 contributions

You would have to look for a Fannie Mae direct lender with no overlays to Fannie Mae guidelines. We are a Fannie direct lender with zero overlays. I have seen approvals up to 65% DTI and unlimited loan to value ratios for any occupancy type. The only time I have seen where DTI is ignored completely is going back to the same services who already has your loan.

Jan 5th 2013
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Jeremy Redlinger (JeremyR)
#29 ranked lender in Minnesota - 191 contributions

Talk with a mortgage broker. Chances may be likely they have a lender that does not have a DTI layover. If Fannie Mae's or Freddie Mac's automated underwriting system gives you an approval then it is up to you to find a lender that will accept a high DTI approval. A broker will be able to shop a large number of the nations top lenders to help you find a loan.

Jan 6th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Unfortunately DTI is a factor. For the most part it isn't the lender that makes that requirement. Fannie Mae and Freddie Mac have their own internal automated underwriting system that you would need to get an approval through before any lender can take it. Some lenders do have restrictions to 45% but I have seen Fannie or Freddie approvals up to 55%. There are lenders that have no restrictions as long as you get the automated approval from Fannie or Freddie. That is the key.

Jan 5th 2013
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Thanks. What is automated approval? I have found that DTI is sometimes not an issue with some same servicer HARP refies. But i am looking to outside of my current servicer.

Jan 5th 2013
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Barb Lanis (BarbLanis)
#70 ranked lender in Illinois - 663 contributions

Automated Approval is an acronym for the Automated Underwriting Systems of Fannie or Freddie. They each have their own systems. Depending on which agency backed your original loan, we upload your data into their respective systems, and their response is either Approved or Denied. There are a few responses that can be had in between, but Approve is all you care about. It's basically artificial intelligence for loan approvals. Either they like the scenario, or they don't. Substitute "they" for "it" if you like ;)

Jan 5th 2013
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,240 contributions

They will look at DTI but will go as high as 55% or 60% with approve eligible

Jan 5th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

The only way to know is to actually apply. You can do that without having to pay an application fee in most cases, but if the process moves ahead where an appraisal is needed, that is the point where you will need to pay for this report to be completed. There is a possibility that an appraisal waiver may be granted through the Automated Underwriting System, so it's worth taking the step to apply online and see what options there may be for your specific situation. Work with a Trusted and Knowledgeable Professional is my suggestion and then go from there! Good Luck!

Jan 5th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes!! Get with one of those above that are licensed in WV and apply.

Jan 6th 2013
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,023 contributions

Possibly... If you are doing current lender to current lender, because they already have your risk gives you the best chance.

Jan 6th 2013
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Shon Atabaki (ShonAtabaki)
#50 ranked lender in Washington - 95 contributions

At the end of the day your true best shot would be to stay same servicer for the HARP process as sometimes when it's same servicer to same servicer they don't even use income documentation. If you want to go outside of your same servicer, as said below, ask a lender if they are a direct Fannie Lender with 0 overlays on HARP programs, and that will be your next best shot for automated approval with expanded debt ratios.

Jan 6th 2013
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Melvin List (melvinlist)
#144 ranked lender in Florida - 124 contributions

Your best shot it the current servicer if you have a DTI issue. I only lend in Florida!

Jan 7th 2013
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