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Replies (3)
- Justin Sheftell, "Courtesy Mortgage"
- Contributions:3421
Certain loans have "enchancements" which disable them from potentially being eligible. Stated income is one of those.
Freddie Mac has 2 versions of the HARPprogram, if you applied with your servicer Chase, you applied for the Same Servicer version, these are manually underwritten and they must have had something in their internal system telling them the loan was not eligible.
To cover all your bases, you can try applying at a different lender who offers the Open Access version, and ask them to run your LP findings and inform you if it also declares your loan ineligible.
If that does occur on Open Access, you last option would be to review the HARP 2.0 Release notes which will be available next week. There is talk about loosening some of the impediments to eligibility that has limited certain homeowners from participating. It is possible 2.0 could change things for you, but it too early to say at this point.
Freddie Mac has 2 versions of the HARPprogram, if you applied with your servicer Chase, you applied for the Same Servicer version, these are manually underwritten and they must have had something in their internal system telling them the loan was not eligible.
To cover all your bases, you can try applying at a different lender who offers the Open Access version, and ask them to run your LP findings and inform you if it also declares your loan ineligible.
If that does occur on Open Access, you last option would be to review the HARP 2.0 Release notes which will be available next week. There is talk about loosening some of the impediments to eligibility that has limited certain homeowners from participating. It is possible 2.0 could change things for you, but it too early to say at this point.
- Surtax
- Contributions:5
I have been trying to find anything on this.
I found this letter from the MBA to the FHFA http://www.mortgagebankers.org/files/Advocacy/2011/MBALettertoFHFAonHARP.pdf
Section 8 states:
"Freddie Mac includes Alt-A and other "higher risk" original loans in its HARP program with the same parameters."
Are stated income loans Alt-A?
Will lenders charge me to do this?
"To cover all your bases, you can try applying at a different lender who offers the Open Access version, and ask them to run your LP findings and inform you if it also declares your loan ineligible."
Any suggestions out there for lenders?
HARP qualification with stated income on original loan.
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