Obama Mortgage refinance program, eligibility tool?

Posted on Oct 9, 2012 in HARP Refinance

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no income home loan
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Question by Shawna Ryder: Im on top of the world right now! Do you think i will qualify for low income home loan?We really need it…?
I just went down to casa de la sol realty and did all the paper work and every thing for the low income home loan.She said we were the we’re the perfect applicants we have 710 and 695 credit score, rx no credit cards, stuff we own all are cars/dirt bike/street bikes/trucks, site and we don’t pay rent. bills come to $ 470 a month that’s cell phones/utility bill/car insurance and a $ 1,000 personal loan (payed down to $ 800) .We make $ 35,000 – $ 40,000 a year.How much do you think the bank will give us if any thing at all? We found a house for $ 140,000 we love!!! Think we even have a chance or are we just dreaming….
they said we don’t have to put money down and the payments will be $ 300 or under.

Best answer:

Answer by Huntsman
In my world – a mortgage should never be more than 2 times your annual income.
More lose standards are 3 times your income.
Max loan you’ll get is $ 105,000. That means a 35K down payment
And this will not allow you to save for the future, things such as retirement and kids college. And cars for cash will be a thing of the past. You won’t be able to save for them – you’ll have to finance them

What do you think? Answer below!
Question by USA U: Obama Mortgage refinance program, information pills eligibility tool?
I applied for refinancing with Obama’s plan back in March 2009. The financier, keeps telling me that the “TOOL” (system) used for “eligibility” is NOT up and running yet, and he cannot submit my file?

He keeps saying he will submit it when it is? Does anyone know of problems with this system holding up refi’s?

Or am I just getting the RUNAROUND?

Best answer:

Answer by Ryan M
Getting the run around.

What do you think? Answer below!

5avg.rating 16 votes.