Thursday, October 18, 2012

Is it possible to get a HARP 2.0 refinance with a high dti? - Zillow ...

The simple answer is yes, you can get a HARP loan approved with a high DTI, it just depends how high. HARP loans allow for higher than normal DTI ratios for conventional loans. But it doesn't allow for unlimited DTI. I have personally seen them approved at 60%, with an EA/Expanded Approval, but no higher.?

No lender will be able to?count?boarder income. They could use it as a compensating factor, but HARP loans are not manually underwritten (they are underwritten by Fannie/Freddie's automated systems) so that doesn't really make a difference.

If Chase can't do it for you and DTI is the issue something will have to change in your debt ratio. Moving out is not a good idea, as the rental income would not be able to be used for qualifying right away anyways. And if if it could you could only use a maximum of 75% of the actual income against the payment.

But maybe there is an expense you can get rid of? How many cars do you have? Can you pay off a credit card? Something like that?



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