The HARP Deal, Income Documentation And Debt Ratios

Now that the release of the HARP Deal is nearing, we have more information regarding the program. This updated information includes the HARP Deal Income Documentation and the HARP Deal Debt Ratios.

For Fannie Mae owned loans, the basic required income documentation for borrowers that are salary/hourly/bonus is a Verbal Verification of Employment (VVOE) plus one recent paystub. Freddie Mac owned loans will also require the previous two year’s W-2’s. 

Time to Apply for The HARP Deal

Self Employed and/or Commission borrowers looking to qualify for the Harp Deal will need to provide the most recent year’s Federal Tax Return. 

For all HARP Deal borrowers regardless of income source, a 4506T form will be required.  This form allows the lender to verify with the IRS that the tax information provided to the lender matches the information on file with the IRS. 

The Debt to Income Ratios for the HARP Deal will be determined by the automated underwriting engi nes of Fannie and Freddie.  Fannie’s version is called Desktop Underwiter (DU) and Freddie’s version is called Loan Prospector (LP).  A 50% debt to income ratio is the current maximum for “regular” loans, so we will see what the HARP Deal accepts.

California property owners, if you are ready to see if you qualify for the HARP Deal, contact Jocko Feehan with AmeriFirst Financial today by calling (760) 212-2268 or inquire online at:  www.TheHARPDeal.AmeriFirst.Us

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About Kevin Kueneke

I am a Sr. Loan Officer with The Lending Company in San Diego, California. The HARP Deal is a very important part of the housing recovery, and I want to help you take advantage of this great program. View all posts by Kevin Kueneke

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