Which Government Refinance Program? Do you need help with your home mortgage loan but don’t know which Government Refinance Program is right for you? Asking the government for help feels a lot like going to a rich relative with your hat in your hands; however, it doesn’t have to be that way. The problem is making sense of all the different Government Refinance Program acronyms and qualifying rules. Figuring out your taxes is bad enough these days. Mortgage Refinance Government Program Many people consider home refinance only when they are in financial difficulty. HARP - Home Affordable Refinance Program. The Home Affordable Refinance Program (HARP) is a government program designed to help you get a new, more stable and affordable mortgage. If you’re not behind on your mortgage. Government offers mortgage help. Homeowners who want to. Through this program, homeowners may be able to refinance even if they owe slightly more than their home is worth. Government refinance assistance program The lowest rate will proportionately delineate all the. Hope for Homeowners Program works with the government and lenders to help homeowners facing foreclosure to refinance their. 123 mortgage refinance mortgage letters government program for upside down mortgages. If you want to refinance your mortgage. There are several superb government-backed refinance programs for borrowers who. Sorting through qualifying rules for HARP, HAMP, and FHA, VA or USDA Streamline Refinance is like reading income tax code. To make it easier for you to decide which Government Refinance Program is right for you I’ve broken the rules down into three easy to digest segments based on the type of mortgage refinancing you need. I’ve also included resources for getting help once you know which Government Refinance Program is right for you. Start Here For Government Mortgage Help. Government Program To Help Refinance AutoGovernment Program To Help Refinance My CarMost Government Refinance Program help is geared towards homeowners who are underwater in their existing mortgage and cannot qualify for today’s low refinance rates from the best mortgage lenders based on unfavorable loan- to- value ratios. What does this mean to you? If you owe more than your home is worth then you’re underwater. Anyone with a loan- to- value ratio greater than 8. HARP 2. 0 If You’re Underwater & Can Afford The Payments. If your loan- to- value ratio is greater than 8. AND you can afford your monthly payment HARP 2. Learn some of the basics about mortgages. The Making Home Affordable Program offers opportunities to modify or refinance your mortgage to. Government Refinance Program for you. HARP 2. 0 is the newly revised Home Affordable Refinance Program and was recently overhauled by President Obama. Under the new rules you don’t have to document income to qualify, verify employment, or worry about your loan- to- value numbers. There is a catch to HARP 2. Also, Fannie Mae or Freddie Mac must have your mortgage loan. You can find out more about qualifying for HARP 2. HUD mortgage specialist at 8. HOPE (4. 67. 3). HAMP If You Cannot Afford Your Payments. HAMP is not a Government Refinance Program but is a loan modification program. HAMP is the acronym for the Home Affordable Modification Program. If you qualify for HAMP your lender will cut your mortgage payment to 3. This would allow you to take advantage of today’s low refinance mortgage rates without taking out a new home loan. The list of qualifying rules for HAMP is a bit longer than HARP 2. The mortgage loan in question must be on your primary residence and you must have purchased your home by December 3. Your mortgage balance must be less than $7. Finally, you cannot have been convicted of a felony related to fraud within the last decade. You can find out more about qualifying for HAMP by contacting the HUD help line at 8. HOPE (4. 67. 3). FHA & VA Streamline Government Refinance Programs. Lastly, if you have a FHA, VA or USDA home loan you may qualify for streamline refinancing. Many of these programs allow you to qualify for mortgage refinancing without getting an appraisal, verifying employment or documenting income. The main benefit of a streamline refinance is a simpler process to refinancing and reduced fees. You’ll have a choice of 3. Adjustable Rate Mortgage loans. As with any Government Refinance program there are requirements to meet for a streamline refinance and you need to be current on your payments. FHA streamline refinance applications are handled by lenders so enlisting the help of a good mortgage broker can get you qualified while avoiding unnecessary fees. If you’re a member of a community- based credit union that’s also a good starting point for your mortgage shopping. If you have a VA or USDA mortgage loan you’ll want to contact those agencies directly to find out more. You can learn more about the VA’s Interest Rate Reduction Refinancing Loan by contacting the Veterans Administration at 1- 8. If you have a USDA mortgage loan you can reach a Rural Development Staff Member at 1- 8. Watch Out for Unnecessary Mortgage Fees. Just because you get into a Government Refinance Program doesn’t mean you don’t have to be on the lookout for lender junk fees or markup. The closing costs you pay including the origination fee or unnecessary discount points reduce the benefit you’re getting from mortgage refinancing. You recoup these out- of- pocket expenses by lowering your payment amount; the more you pay at closing the longer it takes to break even. Do you have an experience with a Government Refinance Program that you’d like to share? Please leave a comment below.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. Archives
December 2016
Categories |