If you’re underwater on your current mortgage, there are options that can help you. You could be eligible to refinance your home without the worry of having to pay mortgage insurance or pay down the principal on your existing mortgage. The HARP® Loan Program could be for you, see if you qualify. What is the HARP® Loan Program? HARP started in 2009 and has been called many different names, but the official name is The Home Affordable Refinance Program®. Some other names the program is known for are; Making Home Affordable, A Better Bargain for US Homeowners, Relief Refinance, The Obama…
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A VA Home Loan is a home loan program accessible specifically to qualified veterans and is guaranteed by the Veterans Administration, also known as the VA. The guaranty provided by the VA was designed to protect the lender from any loss in the event the qualified veteran were to default on their loan. As a result to this beneficial incentive, veterans can purchase their dream house and won’t have to put any money down. Conventional Loans and VA Home Loans The qualifications for a VA home loan are a little different from the conventional loan requirements. Conventional loans, unlike VA…
Nothing is quite as exciting as buying a home and financing it with the VA Home Loan Program. What’s not exciting is finding out you don’t qualify for a VA Home Loan because your credit score is too low. It’s actually quite disappointing, luckily there are steps you can take to raise your credit score so you can qualify. VA Home Loans are much more lenient when it comes to credit scores than other loan programs, but there are still minimum standards that the VA requires. Lenders will use your credit score to determine whether or not you would default…
FHA loans are one of the more popular options for mortgage borrowers, some of the benefits of using an FHA loan is it offers lower down payments and they have more lenient lending standards. The Federal Housing Administration, also known as FHA, insures mortgage loans so borrowers who utilize this program are required to pay for mortgage insurance which protects the lender if the loan were to default. Why Choose an FHA Loan It’s quite simple, the insurance. Borrowers are only required to pay mortgage insurance making an FHA loan a preferable choice when choosing a loan program. Lenders can…
Refinance options are depleting, and lenders are more concerned with how well your mortgage performs. Qualifying for a mortgage refinance these days are a lot harder than it has been in the past because of limited options. Some lenders offer a streamlined alternative to borrowers to help lower their costs and to make refinancing more accessible for them. Some banks offer their own streamline refinance programs. These particular programs have much less credit requirements and are easier for borrowers to qualify for. They also offer more lenient income and asset verification. A streamline refinance takes off a lot of time…