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Old 06-23-2012, 06:07 PM
Location: Vermont
530 posts, read 1,340,476 times
Reputation: 530


Originally Posted by theoldnorthstate View Post
Hang in there and bug your mortgage broker to keep on top of things

I did HARP 2 and am ever so glad. Once it got rolling it was done in a couple of months when they got their act together. They have to sort through fed regulation then bank regulations and such. but by now that should be sorted out and it is just underwriting to deal with (which seems a world unto itself).
Exactly so. I just hope we close within the rate lock period (30 days), or maybe I should say that I hope the loan just closes, period!
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Old 12-19-2012, 10:12 AM
2 posts, read 11,771 times
Reputation: 10
Dear Jenny. The reason you might be getting declined for the HARP 2.0 refi could be a lack
of disposable income, the difference between your gross monthly income and your total
monthly obligations.
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Old 12-19-2012, 01:00 PM
426 posts, read 1,908,806 times
Reputation: 130
I have a lot of experience with the government backed harp program.

Your dti has to be 31% for piti.

Then they have to figure out how long they can string your mortgage out at that level and how much the balloon would be at the end.
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