Important Mortgage Information:
HARP: Home Affordable Refinance Program
The HARP program was first announced in 2009 and has helped millions of homeowners refinance their mortgage since it was announced. If you are a homeowner who is in a situation where your home is worth more than your mortgage is for, the HARP program may be able to help.
HARP 2.0 has recently been extended to help more people and give them time to refinance. The guidelines have been relaxed so that more people can take advantage of the program and it is now possible to refinance with almost any lender - not just a select few. Regardless of who your current lender is, you can now refinance with any lender who has been approved to lend under the HARP guidelines.
Each lender will have slightly different HARP guidelines - some lenders will go to 125% LTV, some 150% and some lenders will go to unlimited LTV. Some lenders may not allow any late payments, some may allow one. Some lenders require no out of pocket expenses, some will require that you pay for an appraisal. Because of these differences (not to mention that each lender sets their own interest rates - rates are not set by the government) it is imperative that you shop around for the best lender for your situation.
Lastly, it is important to remember that not everyone who has a mortgage will qualify for the HARP refinance program. The HARP program is still not designed for "anyone with a mortgage" and it is important to remember that just because you have a mortgage that doesn't qualify for a refinance under the HARP guidelines, there are other refinance programs available. By selecting the right lender who can help you find out if you qualify and if not, what other loan programs may be available - you put yourself in the best possible position to lower your monthly payment and overall interest due over the life of the loan while rates are low.
Shop and Compare
Rates won't stay low forever - and the HARP refinance program is designed to come to an end soon. Start your shopping process here by comparing multiple quotes from multiple lenders who can help you find out if you qualify for the HARP refinance program.
Start here and let us know about what type of loan you are looking for and then we will go to work to help you get matched up with qualified mortgage providers who can help you get the home loan you want.
As soon as you submit your information, we work hard to match you with a lender who can help you determine your mortgage eligibility as quickly as possible. Not everyone will qualify for the HARP refinance program, although there are other refinance programs available depending on the lender(s) you are matched with.
Get started now!
The FHA loan program is designed for people with less-than-perfect credit or people who are buying a home for the first time. FHA loan guidelines are generally easier to get qualified for a loan and will overlook things that conventional loans may not allow. One downside to FHA loans is the up-front mortgage insurance premium that is due when you get the loan and then also the monthly mortgage insurance that you will pay when you have an FHA loan. In exchange for paying these mortgage insurances, FHA allows a lower (3.5%) down payment than traditional conventional loans. The 30 year fixed rate FHA mortgage is the most popular FHA loan, although there are also variable FHA loans and 15 year FHA loans - which means working with the right lender and loan officer can make quite a big difference when deciding what program is right for your situation.
Once you have an FHA loan and when interest rates drop lower than when you originally got your loan, the FHA loan programs have a popular refinance product called the FHA streamline program that many FHA homeowners take advantage of. The “streamline” refers to the amount of documentation required to refinance – and the streamline program is one of the most popular options of all refinancing programs.
Shop and Compare
When rates are low, they won't stay low forever - so now is the time to get matched up with the right loan officer who has expertise with the FHA loan programs who can help you pick the right program for your situation. Getting a free FHA loan quote from multiple loan officers is easy - start by submitting your information here and we will go to work and match you up with great FHA lenders who have loan officers who can help you determine what loan program is right for you. Get started here now!
If you have served in the military, one of the benefits that you may be entitled to is qualifying for a VA mortgage loan. VA mortgages are not given out by the government - they are given out through private lenders who work with the VA to set the criteria to qualify for a VA loan.
Once you apply for a VA loan, you will work with a loan officer from the approved VA lender who will help you get qualified for the VA loan and into the right VA loans are made by private lenders who go through a VA approval process to lend.
When buying a home - getting qualified for a VA loan is something that your loan officer will help you with and once qualified, they will issue a pre-qualification letter.
Once you have your “pre-qual”, it is time to work with your real estate agent to find the right house for you. As soon as your loan funds, the VA will guarantee the loan for the lender so that in the event of a default or loss, the loan is guaranteed.
Buying a House With a VA Loan:
- Get pre-qualified for a VA Loan
- Find a property with your agent
- Property is appraised to determine reasonable value
- Final loan conditions satisfied
- Loan is funded
Refinancing a VA Loan:
Once you have bought a home with a VA loan, the benefits don't end there - when it comes time to refinance because rates are low, the VA loan program has a popular refinance program designed to make it easy to take advantage of low rates with minimal documentation. The VA streamline refinance can be done with any VA approved lender - you don't have to go through your current lender when refinancing with the VA streamline.
Quick VA Streamline Facts:
- Many lenders do not require an appraisal, credit information, or underwriting.
- It is possible to roll all closing costs and fees into the new loan so there are no out-of-pocket charges to you.
- A requirement is that the new monthly payment for the VA streamline must be lower than the previous loan’s monthly payment, unless you are refinancing an adjustable rate mortgage or the new loan term is less than the old one.
- Another requirement is that the new interest rate on the new loan must be at a lower interest rate than the previous loan. The exception is if you are refinancing from an adjustable rate loan. The reason you might want a higher, fixed rate loan is that your adjustable rate loan’s interest rate will eventually increase.
- It is possible for the new loan to have a fixed rate or adjustable rate.
- Energy efficient improvements can be refinanced into your VA streamline, up to $6000.
- Your monthly mortgage payment may increase if you finance energy efficient home improvements, finance your closing costs including the funding fees, finance points, or get a higher interest rate if you move to a fixed rate loan.
- You cannot receive any cash out at closing with a VA streamline.
- You must be current on your existing VA mortgage and not have had more than one 30-day late mortgage payment within the past 12 months.
VA Mortgages: Shop and Compare
When getting a VA mortgage, it is important to work with a loan officer and lender who specialize in the VA loan program. Not all lenders participate in the VA loan program - so finding a lender with expertise can be very helpful so they help you get into the right VA loan program.
Getting a free VA loan quote from multiple loan officers is easy - start by submitting your information here and we will go to work and match you up with great VA lenders who have loan officers who can help you determine what loan program is right for you. Get started here now!