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We have a rental property we are trying to refi to a lower rate from 9% - yes 9. My wife bought the place before we married and got suckered by WF. Anyway, called WF to refinance with both of us as the loan is originally under her name only.
GFE was rec'd with a nice rate. Mid score they are using is 640 and a back end dti of 24%. Today, we got a denial letter with the reason being marked off as "OTHER: Does not qualify for HARP Program".
Well, did some research and looks like HARP is a refi program for homes that are under water as far as LTV, or something. I can see how this could be a problem for us as the current mortgage loan is for $61k, while the latest appraisal at $80k (tax assessor). I understand there may be a difference on the appraisal, but we never said we were underwater, having a hard time making the payment, or in any way ever mention or hear anything about HARP prior to this denial letter.
What gives? Guess we will try a different lender.