Can we be able to qualify for the Home Affordable Refinance Program?

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My wife and i are both in college, and we have a house that we are renting out in another state, we only make 1460 between ourselves each month, and we get 1485 for the renting of the house. Our mortgage payment is 1900. the loan is an interest only loan at 6.525% with 27 years left. Our loan is owned by Fannie Mae. Is there any reason that we wouldn’t qualify for HARP?

4 Comments
  1. Reply
    Age of Reason
    May 3, 2011 at 1:10 am

    No. You do not have the income to pay the mortgage. Since it is now a rental you have to search for a commercial mortgage.

  2. Reply
    TheMom
    May 3, 2011 at 1:45 am

    No, the program is not for investment property. It is not the Making Investing More Profitable Program.

  3. Reply
    RJ4444
    May 3, 2011 at 2:35 am

    To the MOM you are completely wrong go to https://www.efanniemae.com/sf/mha/mharefi/pdf/refinancefaqs.pdf and you will see that it doesn’t matter if they have an investment property. Get the fact straight. I bet you are just jealous.

  4. Reply
    DJP
    May 3, 2011 at 3:05 am

    So you’re a couple people in college and you buy an expensive home on credit that you can’t afford….

    As someone who’s taken a large hit due to the home bubble, and is paying the taxes to subsidize the people who can’t or won’t take the hit themselves, I’m not too happy about it.

    You’re still paying your bills though, so I give you respect for that.

    Anyway, to give you a serious answer… I bet you could qualify. And you should definitely do it as it will make your mortgage situation much better. And I’d rather you do that than default and cause even more problems for everybody else. The catch is that it may be considered an investment property, but I bet it can still be qualified.

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