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Old 05-09-2013, 04:09 PM
 
132 posts, read 1,275,730 times
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Trying to help a relative who is looking at refinancing using the HARP 2.0 program. They have a 6.75% rate now, no missed payments ever on this loan, loan is from 2007 and is a Fannie Mae loan.
They do have a short sale on a different property from 26 months ago that had missed payments on it. Current credit score is in the low 700s.

Is DTI taken into consideration with a HARP refi? Are there closing costs and do they get rolled into the loan? What about mortgage insurance?

Thanks for any help.
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Old 05-09-2013, 05:05 PM
 
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Yes, yes, yes, and yes if it already has PMI, no if it does not have PMI, regardless of post-closing equity.
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Old 05-09-2013, 05:14 PM
 
132 posts, read 1,275,730 times
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Looks like if they go through their current servicer (Quicken Loans), then no appraisal, no income, no DTI are needed according to the rep from Quicken Loans. Seems pretty simple...almost too simple?
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Old 05-09-2013, 05:27 PM
 
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It can be that simple, similar to a Streamline. Never trust Quicken, though.
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Old 05-09-2013, 06:37 PM
 
132 posts, read 1,275,730 times
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Looks like there isnt any choice but to go through Quicken, hopefully it will be ok.

How does Streamline compare? My sister has an FHA loan and she would like to refi as well, but doesnt want to have to re-qualify...does she have to go through the current servicer or can anyone do the FHA Streamline without have to re-qualify?
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Old 05-09-2013, 07:30 PM
 
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Lenders who do FHA can generally do Streamlines. I do a lot of the no-income check, no-appraisal ones, wherein we pay most of the costs. Two weeks and we're done!
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