Credit Cards Center Credit cards from our partners
Reply
Highlighted
New Contributor
Posts: 69
Registered: ‎03-12-2007
0

HARP2 and Credit Scores

I am unable to traditionally refinance my residence, which is 85% LTV, my Scores are 729-747-771 and am contemplating applying for the HARP program. My current mortgage is a 30yr fixed at 6.625% and I wish to get a fixed, 15yr. Never been late, long time employed, very little debts/

 

Questions is (and cannot be answered in any forum related to Harp2) how much weighs in the FICO score and the possibility that under a 15yr loan payment my DTI would be 40%?

 

I am just sick and tired of being turned down at every corner for reasons of too much indebtness, high LTV or other garbage lenders come up with.


July 2014: EX 790, TU 810, EQ 828

Starting Scores: EX 521, TU 508, EQ 486

I came straight out of Hell
Established Contributor
Posts: 982
Registered: ‎05-27-2009
0

Re: HARP2 and Credit Scores

With those FICO scores and an 85% ltv, you shouldn't have much of a problem refinancing. What specifically are you being declined for? DTI ratios? You said you have too much debt... what do you have?


Starting Score: 627 EQ, 621 TU - 11/15/08
Current Score: 778 EQ, 781 TU, 778 EXP 07/20/12 Lender Pull
Goal Score: 800 EQ & TU


Take the FICO Fitness Challenge
New Contributor
Posts: 69
Registered: ‎03-12-2007
0

Re: HARP2 and Credit Scores

I have no debt other than the house. What lenders are referring to is that they will NOT refi at 85%LTV

When they mean too much debt, it is meant that my DTI is no good - even if I have paid on time for years and a new, lower mortgage gets me a LOWER payment.

Bizzarre.


cdtotten wrote:

With those FICO scores and an 85% ltv, you shouldn't have much of a problem refinancing. What specifically are you being declined for? DTI ratios? You said you have too much debt... what do you have?





July 2014: EX 790, TU 810, EQ 828

Starting Scores: EX 521, TU 508, EQ 486

I came straight out of Hell
Valued Contributor
Posts: 1,103
Registered: ‎02-15-2012
0

Re: HARP2 and Credit Scores

[ Edited ]

I thought HARP2 was only for 30 yr mortgages.  Also, make sure you are speaking with a lender that participates in HARP. Not all lenders do. The rules for HARP are that you have to be greater than 80%, and 85% is greater. Are you sure that is the problem?


Starting Score: 693 TU FICO, 679 EQ FICO
Current Score: FICO 8 = 821 EQ, 827 TU, 811 EX (7/15); mortgage FICO= 758 EQ5, 797 TU4, 748 EX2 (7/15)
Goal Score: 750+, but shooting for the 800's
Hyatt Visa Sig ($23K), Amex BCP (24.8K), BofA Travel Rew Sig (17.5K), B&N World MC (22.3K), Amex RP Gold (NPSL w/ S&T), Cash+ Sig (20K),United Mil+ExpSig (16.3K), FNBO Visa (13.1K), Hilton Surpass (10K), Freedom Visa Sig (8.6K), Disc It (10.4K), Citi Dia Pref MC (3.7K),Sam's MC (10K), Wally (7.5K), JCP(5.3K), Costco (2K)
Regular Contributor
Posts: 155
Registered: ‎08-25-2010
0

Re: HARP2 and Credit Scores

I know that Lenders like BedrockLending.com, Wells, Bank of America etc. allow up to 125% LTV under harp. Main problem is after 95% LTV it is allowed but your rates really start to rise.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.