Home Affordable Mortgages For Self Employed

by Jay
(Oklahoma City, Oklahoma USA)

Ask Kate about Home Affordable Mortgages For Self Employed: Hi Kate, I have 1099 income and am being Punished for IT!! I am a Real Estate Broker in Oklahoma, and I have made my primary home payment above all others.

Jay continues... I have 9 rental properties and managed to juggle the payments and keep them / get them current throughout the mortgage crisis without ANY help from any lenders.

Now I want HARP Re-fi my Primary Fannie Owned mortgage to a 15 yr at 3.85% ish, and I'm being told I can't due to the credit hits I took.

But the Reg Z says credit is NOT a factor, but yet they disqualify me on it, and ALSO state that since I am 1099 income that it is an Automatic No-Qual!!!

Kate Answers: Home Affordable Mortgages For Self Employed

Dear Jay, Automatically denied for a HARP refinance due to self-employment?! And I thought I'd heard everything!

Perhaps the Servicer in question is not interested in participating in HARP? Remember, you are no longer limited to one lender, according to the Home Affordable website.

More about this at Who Sets HARP Refinance Rates - another Ask Kate question and answer.

Of course if you have been late on a mortgage in the last 12 months, that may create a roadblock.

Home Affordable eligibility question: "Are you current on your mortgage payments? “Current” means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months."

Home Affordable Modification Program For Self Employed

Have you thought about Home Affordable Modification Program (HAMP) instead of Home Affordable Refinance Program (HARP)? A Home Affordable HAMP FAQ makes specific reference to self-employment.

Question: "I’m self-employed. How do I get a copy of my most recent quarterly or year-to-date Profit and Loss Statement?"

Answer: "Contact your CPA (Certified Public Accountant) or the licensed tax professional who assists you in completing your tax documentation." FAQ 47

More Help On Mortgage Modification

Interested in mortgage modification? Here is how to get going in the right direction. Is Mortgage Loan Modification Easy?

Wondering what other homeowners ask about loan modifications, short sales, FHA short refinances, Home Affordable HARP and HAMP, and strategic defaults? Loan Modification Q and A With Kate.

Jay, one more thing. I'd like to hear back from you. Let me know if this page was helpful to you. Comment here on Home Affordable Mortgages For Self Employed.

Or Ask Kate another question here.

Best wishes,

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