HARP refinance comes to the rescue.
Whatever may be the crisis, abortion cheapest the circumstances then demand that home loans refinance has to be seriously considered. If the interest rates are falling then for comparison the home loan refinance rates have to be checked. If one finds that home loan refinance rates are much lesser than the interest that is being paid currently then home loans refinance is a better option.
Yet, dosage it is not such a simple thing to take such a step just because the home loan refinance rates have fallen. Other things such as refinance fee, fine for early repayment etc. need to be evaluated carefully before taking home loans refinance.
In case you make sure that you are not behind on your mortgage payments but have been unable to get traditional refinancing because the value of your home has declined, you may be eligible to refinance. The governmental Home Affordable Refinance Program (HARP). HARP refinance has been created to assist you through a bad patch by offering a fresh, more affordable, more stable refinance scheme. Of course you have to go through the usual procedure of a loan application and underwriting to get HARP refinance loans and some refinance fees will also be applicable.
There are however some conditions that have to be fulfilled to get HARP refinance loan, the most important condition being that you must not be a defaulter in your repayment at the present time. A review of your repayment history is scrutinized for at least the last one year before considering your application.
Another condition is that your home loan must be financed by Fannie or Freddie; the government recognized financers and one of the two should have financed it before May 31st, 2009. The next and difficult condition to comply is that about loan to value ratio. For HARP refinance to be considered the loan to value ratio should be at least 80%. This is many times difficult to achieve.
Although the HARP refinance comes to the aid of those that suffer from the ill effects of falling interest rates, recession etc. it is a good idea to check the home loan refinance rates of other refinancers before taking this facility. Many times it is possible to get better home loan refinance rates or better terms from other refinancers than HARP. Sometimes better terms are so attractive that home loan refinance rates take a back seat over these and you take the home loans refinance scheme that offers these better terms.
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Question by norcam343: How do we go about getting a FHA loan?
Me and my sister is looking to buy a house together. We both have bad credit due to the past but enough money for a mortgage. Estimating $ 75, doctor 000/yearly. Right now, this web were clue less as to which direction to turn. Do we try and get approved for a loan first, medications then find a house? A little help please! Also, what are the qualifications for a FHA loan? With our bad credit history, what are the chances of getting approved?
Best answer:
Answer by Chillin K
If your credit is bad, you are not yet ready to own your own home. Buying a house with your sister is also a bad idea. What will happen when one of you loses her job, or decides to get married, or move? The other person is completely responsible for the rest of the loan for 30 years. If you are “clueless” like you say you are, that’s a clue for not getting into a situation that you can’t get out of later.
Save your extra money and work on your credit, both of you!!!!
Know better? Leave your own answer in the comments!
You should first get pre-approved first so that way you know how much house you can afford then you can start looking. To get approved for a FHA loan you need a min score of 580 and 3.5% down payment. You should get approved.