Have you been turned down on a HARP Deal 2.0 Refinance?

Different lenders have different criteria for HARP 2.0 Refi. Many servicing lenders have guideline overlays on the original program (meaning they layer additional criteria onto the program).  Two common overlays are Loan To Value (LTV) and Credit Score restrictions. The original HARP Deal 2.0 Guidelines do not have a cap on LTV of credit scores.

Loan To Value is represented by a percentage, for example if your home was valued at $100,000 and you owed $150,000 your LTV would be 150%.

Credit scores are a reference to FICO scores, a method of analyzing your credit using an algorithm to statistically compare your current credit situation to others in an effort to predict the likelihood of you filing for bankruptcy.  The lower your number, the more likely it is you will file bankruptcy. FICO scores range from 300 to 850.

Three reasons why you should be legitimately turned down for The HARP 2.0 Deal are:

  • Your loan was originated after 5/31/2009
  • Your loan is not held by Fannie Mae or Freddie Mac
  • You are behind on your payments or have been behind in the last 12 months

If you have been turned down for a HARP Deal Refinance you should find a lender with no credit overlays and reapply.

California property owners interested in the HARP Deal, contact Jocko Feehan with AmeriFirst Financial today by calling (760) 212-2268 or inquire online at: www.TheHARPDeal.AmeriFirst.Us


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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