All Forum Posts by: Joe Edwards-Hoff

Anyone know if it is possible to qualify for HARP to lower the long term interest rate and then also have the temporary unemployed price reduction?

nada?

His loan IS a Fannie Mae loan...

So, I thought someone could help give some direction on my dad's situation. He is recently unemployed and he owns a rental in my town with a pretty high interest/PMI. We were thinking that maybe he could move in there (because he wants to move this way) and then qualify for one of the making homes affordable programs.

One question- is it possible, if you qualify, to have your interest payment permanently lowered AND then qualify for the temporary unemployed programs? The unemployed programs will lower his monthly payments for a year or so, but he is also interested in the long term lowering of the payment.

He meets all of the criteria for both the Home Affordable Refinance Program (HARP) and the Home Affordable Unemployment Program (UP). With the exception of the fact that the house is not his primary residence, yet...

Hopefully someone knows a bit about this...

Does anyone know if the streamline rehab loan has the same dti requirements?

ooh, one last thing... Another reason I just thought of, with a higher DTI, I might be able to qualify without my wife being on the home. That might work nicely, because she could then apply for another home loan in the future without me being on it.

Is that a kosher idea? (She's fine with it, as long as it helps us out int he long run.)

I'm really not too worried. One of my main problems is that I make a good amount of side cash which cannot be counted as income by the bank. And my wife starts back at work in two months... We could wait until then, but I put an offer on a duplex that would be good for us if it went through. And though I am not banking on another tenant in the other half, with one, my contribution to the mortgage would be lower than my current rent.

And it actually turns out that my DTI right now is closer to 43% for what I am looking to get. So, the fact that he said he could go 56% was more for information sake.

Lastly, it's easy to keep contributing to church, just give there first...

I just had a lender contact me and he said that he has gotten a few uo to 56% recently...

Yeah, I've got child support and college loans, so nothing that I can makr disappear in the near future. I'm looking at a duplex for a first home. I know we could make the payments without a renter, and with one would be easy... just need to get a bank to see that...

I just wanted to see if anyone can confirm this as being the most up-to-date information. FHA would allow a 50% DTI, and that is the highest option as far as DTI goes? I'm really borderline with a purchase I was looking into. I could probably qualify for better in a few months, but we'll see...