The last few days I’ve been hearing an awful lot about the Government’s new “Making Home Affordable” program, which has been set up to help people refinance existing mortgages, or do a loan modification to help them to. Government Extends HARP Refi Program. It launched in March 2009. HARP helps underwater homeowners refinance their existing mortgages to new, lower mortgage rates.
Government Refinance Assistance. Due to those efforts and other market factors, mortgage rates and APR’s on most 1. Contact us today to learn more. The goal of these programs is to allow for low down payments and to make it easier for people with less than perfect credit to qualify for a mortgage.
HARP—the Home Affordable Refinance Program—was created by the Federal Housing Finance Agency specifically to help homeowners who are current on their mortgage payments, but have little to no equity in their homes. Another day, another government refinance program. On Tuesday, the Federal Housing Administration announced it will slash mortgage insurance premiums for certain homeowners who refinance an FHA loan into a new one under its. STATE AND FEDERAL MORTGAGE ASSISTANCE PROGRAMS. The Home Affordable Refinance Program. CHFA held a meeting with these lenders to discuss the program change.
- Government Mortgage Refinance Program Struggling. A government program designed to help at-risk homeowners refinance their mortgages is struggling.
- Home Affordable Refinance Program. HARP - the Home Affordable Refinance Program - has been extended through September 30, 2017. HARP was created by FHFA specifically to help homeowners who are current on their mortgage.
- As long as the current Fannie or Freddie loan was started prior to May of 2009 there should be no loan-to-value (LTV) limits.
- Welcome to FHA Government Loans - America's resource for First Time Home Home Buyers or Refinance of existing home loans.
- The government's mortgage assistance program. Guide to Government's Mortgage Refinancing Program. The objective of the refinance program is to allow borrowers to refinance who otherwise find it.
With mortgage interest rates near historical lows and housing prices increasing across the country again, now is a terrific time to look into buying a home. Fill in the contact form on our home purchase programs page to learn more about the available government- backed purchase programs and perhaps to get pre- qualified for a home purchase loan. HOME REFINANCESFor Homeowners Who Have Equity.
There are several superb government- backed refinance programs for borrowers who have even a little equity in their homes and there are various good reasons to seek a refinance: Lower interest rates and monthly payments. With rates near all time lows still, refinancing to a better rate can help families save a lot of money. Get cash out. Home values are increasing across the country which allows for cash out refinances in many cases. Get rid of mortgage insurance (PMI). If you have at least 1. PMI payments. Reduce mortgage insurance payments.
When there is not enough equity in the home to remove mortgage insurance entirely, borrowers can sometimes lower their mortgage insurance fees along with their interest rate. The FHA streamline program is especially useful for this purpose.
Consider a reverse mortgage. For homeowners who are at least 6. Reverse mortgages allow homeowners to utilize the equity in their homes to reduce or eliminate mortgage payments.
Contact us to learn more about reverse mortgages. Refinance to a 1.
Interest rates on 1. Monthly payments on 1. Contact us in the form in the sidebar to be pointed in the right direction on these refinance options. FHA Streamline Refinance — If you currently have an FHA loan, refinancing through the FHA streamline program is an excellent option. It is a low cost, low headache process designed to lower payments and interest rates. Fill in the contact form on this page if you have an FHA loan and would like to learn more about the FHA- to- FHA streamline program. VA streamline (IRRRL) Program — For borrowers who have a VA loan now, the VA to VA streamline (also known as the IRRRL program) is a terrific, low cost way to significantly reduce payments and interest rates, even for borrowers who are underwater on their homes.
If you have a VA loan contact us to learn more about the IRRRL program. HARP Refinances — With President Obama’s HARP program, qualified homeowners can refinance a conventional first mortgage which is backed by Fannie Mae or Freddie Mac no matter how underwater they are. Further, while the HARP 1.
PMI), the changes in the HARP 2. PMI to participate. The HARP program does not allow second mortgages to be combined with first mortgages but will allow the first mortgage to be refinanced with the second mortgage remaining in place as is (called a subordination). Contact us to learn more. Loan Modification Programs — If you are unable to qualify for any other refinance program or if you are delinquent on your mortgage payments and are on the verge of foreclosing your best bet is often to seek a loan modification from your current lender.
See this page for strategies on seeking a loan modification. Be sure to bookmark this site and check back for the latest updates on government- backed efforts focused on alleviating the housing crisis in the US (see stories below).