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Will no one do a manual underwriting on harp refi??

I got 680 fico, never late, gross125k annual income, combined ltv at 100%, small second of $10k, and 46% debt ratio on my current freddy mac. I got caution tag on my DU application and broker said nobody will do manual underwriting on freddy harp refi. What are my options? by citadel535 from Changewater, New Jersey. Dec 8th 2020 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,423 contributions

Unfortunately, HARP no longer exists. The program expired on December 31, 2018 and there are no plans to re-start it. What you are trying to do, combine a first and second, was never allowed under HARP. When doing a Rate and Term refinance, Fannie and Freddie currently only allow loans with LTVs (Loan-to-Values) to a maximum of 95% for the First mortgage and up to 100% CLTV on the combination of the two. Here is what you could possibly do. A new Rate and term first mortgage to pay off the existing First mortgage, but you will have to convince the bank that services the second to subordinate their position to the new lender. Manual underwriting is likely a non-starter unless you are looking at a non-QM loan, which comes at a higher rate/cost than true QM Fannie/Freddie loans. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we're pending approval in VA. ~ 480-889-9000.

Dec 8th 2020
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,703 contributions

Sorry, it appears you have no options. The HARP program hasn't existed in years, so I have no idea what the broker is talking about. Even if it did still exist, it NEVER let you combine multiple loans into one. It only allowed the refinance of the existing 1st lien loan. Then, looking at today's current loan options, I am not aware of any program that will allow you 100% financing except for a VA loan. I lend in MN WI IA ND SD. Find me at - NMLS 274132

Dec 14th 2020
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