FHA/VA. The VA Interest Rate Reduction Refinancing Loan (IRRRL) allows eligible veteran-homeowners to refinance their existing va-guaranteed loan to a lower interest rate and reduce their current monthly mortgage payment. The new loan can only include the existing VA loan balance, allowable fees and charges, up to two discount points,
The Home Affordable Refinance Program is a mortgage refinance qualification program designed for homeowners who are current on their mortgages but still owe much more than what their homes are worth.
The fallout from a refinance, such as gaining the right to pursue a deficiency judgment in the event of default, can be a big plus for banks and a bad thing for homeowners. Short Sale Versus HARP Under HARP, in two years, your home might still underwater and worth less than you owe.
HOPE for Homeowners is not a simple refinancing program. While it does allow qualified borrowers who are stuck in variable-rate mortgages to refinance into affordable, fixed-rate mortgages, there is a trade-off known as equity sharing.
NEW YORK (Reuters) – The regulator of Fannie Mae and Freddie Mac unveiled on Thursday a program aimed at homeowners who are paying their mortgages on time but whose loan-to-value (LTV) ratios are too.
Government Refinance Program 2017 Refinance Government Program – Submit quick loan refinancing application online and make it easier than ever. Refinancing your mortgage loan or home equity could save you money. Be sure to consider the type of offered interest rate, fixed or variable and check what costs are associated with these loans.
And, as the name suggests, the process is streamlined requiring less paperwork and conditions for a speedy refinance. homeowners can get a streamline refinance to take advantage of todays low interest rates, and lower their FHA mip (mortgage insurance premium). The average borrower saves between $150-$250 a month.
The HARP program can help! The Home Affordable Refinance Program , also known as HARP , is a federal program of the United States, set up by the Federal housing finance agency in March 2009 to help underwater and near-underwater homeowners refinance their mortgages.
Credit Free Homes FREE Credit Reports. Federal law allows you to: Get a free copy of your credit report every 12 months from each credit reporting company. Ensure that the information on all of your credit reports is correct and up to date.
Many loan programs today will not allow a homeowner to refinance unless the new loan amount is for 80 to 90% of the home’s value. That’s where the Making Home Affordable refinancing program comes in. It allows homeowners to refinance to 15-year or 30-year fixed-rate loans, as long as the new loan amount does not exceed 125% of the home’s.