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Really high dti..do i qualify for harp?

ave gone through two long layoffs (year at a clip) and now I do have viable income. I have taken a 33% pay cut to achieve that at least.  However, my DTI is 150%.  Will I still qualify for HARP?  I have great credit and never been late with anything.  Quicken says "DENIED".  Anyone got any info??

  • July 09 2013 - Bangor
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Answers (2)

Quicken caps at 50% Debt Ratio for New Servicer HARP.  If your loan is Fannie Mae backed, the maximum DTI is 65% if you apply with new servicer.   If your current servicer originates loans AND offers the Refi Plus version of the program, there is no maximum debt to income ratio and you can explore that option with them.

If your loan is Freddie Mac backed, both the new servicer and same servicer version do not cap the DTI and you can look for other lenders in that scenario.  The new servicer version has some stricter qualifying and documentation requirements compared to current servicer, but also will often result in better terms to you if you fit those parameters.
  • July 09 2013
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You will need to work with your existing servicer. For a HARP loan, they are likely the only lender that will not look at your DTI.
  • July 09 2013
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