07-22-2010 05:47 PM
My husband has a credit score less than 600 and my score is more than 700. We are interested and eligible for the HARP refinance. Could we be denied this opportunity because of his score? We meet every other criteria for the loan. Our income has significantly increased since we last refinanced. We are only underwater by less than $15,000. He is reluctant to have his credit pulled if he is only going to be denied anyway. What are the credit score rules for HARP (PNC Bank)?
07-23-2010 09:39 AM
Technically there isn't any minimum score required - however each lender may add their own overlay guidelines and we're seeing a lot bottom out at 580 or 620. I'd encourage you to contact PNC Bank (I assume that is your lender) to inquire about their HARP program score requirements, if they beat around the bush don't be afraid to be push them to get you answers. You also may want to see if you can qualify for the refinance on your own income & credit.
07-23-2010 12:14 PM
I inquired about doing the refinance on my own and they stated tht PNC will not do that. Do other banks allow such HARP refiances for people who want to take on the mortgage solo? I was under the impression that a HARP refinance has to be through your current mortage banker.
07-23-2010 12:40 PM
If the loan-to-value is over 105% then usually the existing lender is the only one willing to refinance. 105% and below pretty much any lender who offers the program should be willing. Here is what one lenders guidelines read regarding borrower addition/subtraction on the Fannie Mae Refi Plus HARP program:
1. A new borrower may be added to the new loan, provided the existing borrower(s) is retained.
2. A borrower may be removed for any reason, not solely due to death or divorce, provided:
a. The remaining borrower(s) must demonstrate that they have been making the payments from their own funds for the prior 12 months (not required in case of death);
b. The borrower being removed must also be removed from the deed (or provide evidence of death, as applicable).
07-25-2010 08:18 AM
I have a question for you Shane/
My husband and I were divoriced in january of 2009 however when I call my mortgage company they seem to be pulling our credit and they read off debts that aren't mine such as an auto loand for $566...I am wondering now if that is hurting me in any way because I just can't seem to get the hamp or harp program in place .I am told I don't qualify but I most certainly due according to all the guidelines...He removed his name from the title of the house but then again when I submit my financial and pay stubs to them it is just my info they are basing it off of or at least that's what I think.
thanks for any help
07-25-2010 09:20 AM
was the car loan in both of your names prior to the divorce. If so, it still copunts under your credit/DTI. Your ex would need to refi it probably to keep it from counting. An UW may allow it to be ignored if you can show that the divorce ordered him to pay it, and you can show payment proof that you have not paid it for the last 12 months.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO