Financing in 06040>Question Details

Mgrands, Real Estate Pro in Manchester, CT

Harp 2.0 - 3 family investment property, excellent credit

Asked by Mgrands, Manchester, CT Thu Jun 21, 2012

I am beyond frustrated with the information I am reading on the internet about what qualifies for HARP 2.0 and only to find out that I do not qualify. Can anyone help?

Here are the details - 3 family investment property, owe $180K on first mortgage with Freddie Mac, $35K on second. Property value is approx. $180 - $190K. Credit score of 800, excellent income, reserves, savings, 401K etc. I recently was told that when they run this property through the LP system that it is coming up as a caution. I can not figure out why or what I can do about it.

The LTV is about 102% which is lower than the 105% limit, the HARP guidelines indicate investment properties qualify so I do not know what the problem is.

Can anyone help or know a lender that actually lends based on these situations. The house is in CT.

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Fran Rokicki’s answer
Have you gone back to the bank that now holds the mortgage? I have had clients that have had success with their original mortgage holder, as long as they participate in the HARP program. Give them a call.
0 votes Thank Flag Link Mon Sep 17, 2012
Mgrands,
Unless you got the second mortgage when you purchase the home (and closed before 6/09), you cannot refi that loan with a HARP. If the second was taken out after the purchase you would definitely get a caution. If this is the case then you will need to get approval (and papers) from the second mortgage holder that they will subordinate to the new first mortgage.
0 votes Thank Flag Link Thu Jun 21, 2012
The caution can be caused by different factors and the question cannot be answered without hvaing all of your information. If you would like a new set of eyes on this to see what is possible for you to do, give me call at 860-684-3111.

Steve Geryk
stevegeryk@gmail.com
NMLS ID 91523
0 votes Thank Flag Link Thu Jun 21, 2012
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