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Old 04-03-2015, 11:28 AM
 
Location: anywhere & everywhere
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If owner(s) don't meet the income requirements for a HARP refinancing, what are their options if there are other working adults living in the home?

I know cosigning is one option. If someone cosigns, is that something that would typically be added to their credit report as a loan?

What are some other options if owners don't meet the requirements? If they have tenants, does that help?

Thank you
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Old 04-03-2015, 12:48 PM
 
Location: New York
2,251 posts, read 4,168,870 times
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Quote:
Originally Posted by itsasmallworld View Post
If owner(s) don't meet the income requirements for a HARP refinancing, what are their options if there are other working adults living in the home?

I know cosigning is one option. If someone cosigns, is that something that would typically be added to their credit report as a loan?

What are some other options if owners don't meet the requirements? If they have tenants, does that help?

Thank you
One of the things I do now is helping people late on their mortgage when qualifying for HAMP modifications. If there is no enough income, use contribution income to make up the shortage. The guidelines for modifications are less stringent than applying for loans. Unfortunately for HARP using another person's income living in the property, requires them going on the loan.

In my previous life was a loan officer, remember an income problem originating a loan for a lady in NJ. She had SS income, also had family members renting bedrooms. Provided lease agreements, bank statements showing deposits, with tax returns showing tenant income, loan was approved.

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Old 04-03-2015, 02:30 PM
 
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Harp Loan Program : Rates & Guidelines 2015

Harp Loan Program : Rates & Guidelines 2015
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Old 04-04-2015, 09:01 AM
 
Location: Southern California
4,350 posts, read 4,948,172 times
Reputation: 2129
Quote:
Originally Posted by itsasmallworld View Post
If owner(s) don't meet the income requirements for a HARP refinancing, what are their options if there are other working adults living in the home?

I know cosigning is one option. If someone cosigns, is that something that would typically be added to their credit report as a loan?

What are some other options if owners don't meet the requirements? If they have tenants, does that help?

Thank you
Typically a Cosigner is a CoBorrower and will end up on their credit report. As a co-borrower, the lender typically required them to go on title of the property, which mean they have rights to the property.

If there are other tenants, they may or may not claim rental income to help their income.

Additional people can be addd to the loan, mortgage, and title, but would affect their future ability to borrow.
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