Q&A: Is it true that VA loans does not qualify for the Home Affordable Program Modification?

Posted on Sep 30, 2012 in HARP Refinance

Question by nathan.pitchford: Do ALL FHA loans require mortgage insurance?
I’m looking into refinancing my home to get out of an adjustable rate and I’ve received two good faith estimates. Both for FHA loans. It’s a 95% loan and one company says they can get me the loan without mortgage insurance and the other says it’s a requirement.
Well I’m being assured that this FHA loan doesn’t have any PMI on it and it’s 95%. I even referenced the fhaloan.com site and he said he is 100% sure no MI. Any ideas?

Best answer:

Answer by Mortgageman
The loan will have mortgage insurance. You can take a higher interest rate and have the lender pay it up front. Or you can add it to your loan amount and finance it over the life of the loan. Or you can pay it monthly with your mortgage payment and petition to have it removed once you think you have 20% equity.

Know better? Leave your own answer in the comments!

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Alam Damai Condominium @ Kota Kinabalu, tadalafil Malaysia
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Alam Damai Condominium From Karamunsing
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no income loans
by eyewashdesign: A. Golden

Question by jjohnson5677: Will the new rules by the FED mean no more stated income loans?
I just read a report about the FED making new guidelines for mortgage lenders. One of the details was that buyers would have to show proof of income. Does this mean no more stated income loans? IF so, no rx how long before this becomes law?

Best answer:

Answer by golferwhoworks
it will happen when lenders adopt it. Best answer I can give you. So self employed are going to be hurting one way or another

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SBA's 504 mortgage refinancing program to end Sept. 27
U.S. Small Business Administration. An opportunity for small businesses to refinance their commercial real estate mortgages under a government program will soon end, try according to a report from The Business Journals' Washington Bureau. Hunter Riley …
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Should You Raid IRAs to Lose 2nd Mortgage?
An alternative would be to cash out enough money from the IRA to get to an 80% loan-to-value, prescription or LTV, doctor ratio, the point where a conventional lender won't require private mortgage insurance, or PMI. I don't recommend this option. Eighty percent LTV on a …
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no equity home loan
by bill barber

Question by jmpoct03: i am trying to take out a home equity loan, pilule is there anywhere i can go that i can get one.?
i trying to get a home equity home loan. i have no mortgage and my house is paid off. the problem im having is that my boyfriend just put me on the deed and they said i have to wait six months. my credit score is 596 and my boyfriends credit score is 459.is there anywhere i can go to get a home equity loan with my situation.

Best answer:

Answer by bud68
Your credit scores are also a problem.

Add your own answer in the comments!
Question by : Would I qualify for an FHA mortgage?
I live in a state that offers a first-time buyer’s assistance program, decease for which an FHA loan is preferred. Here are the stats:

Monthy gross income: $ 4320
Monthly debt pymts: $ 130 (school loan, viagra less than $ 5k remaining total)
Monthly credit card pymt: $ 200 (Sam’s Club credit card, this is paid off in full every month)
Credit: Good (not sure of exact number, no bankruptcy, late payments, etc.)
Employment history: Moved to area to be tech in Dec 2009, changed to another tech position in Feb 2011 when last place of employment went under and everyone was laid off. I know this is slightly less than two years of steady employment in same field, but I’m hoping other factors can outweigh this.
Age: 23
Total in savings at this moment: $ 5k
Approximate cost of house: $ 75k (not any in particular, but looking around, this is what I’m interested in)

The first time buyer’s program for my state offers up to $ 4500 in assistance for downpayment (3% on FHA loan) and closing costs, which apparently can mostly be included in the loan amount. I read that mortgage insurance is also required, which was estimated to be about $ 300/month for a $ 75k loan.

What do you think? Any other relevant info needed? I read on the FHA website that two lines of credit are needed, and I only have the Sam’s Club credit card, but it did mention that things like rental history, utility bills, etc. can be included as alternate lines of credit, all of which I have in good standing.

Thank you so much for your help. This is so daunting, and I want to make sure I have all my ducks in a row.

Best answer:

Answer by SSSoft care
if you If you think that you fulfill the criteria of their requirements then you will, 100 % sure can get.

What do you think? Answer below!

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The Castle in Edinburgh, adiposity from Princes Street.

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Castle Wickrath
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home affordable loan modification program
by watchingfrogsboil

Question by Al: Is it true that VA loans does not qualify for the Home Affordable Program Modification?
After 5 months of waiting Bank of America denied my modification because it is a VA loan. Is this true that VA loans do not qualify for a loan modification?

Best answer:

Answer by the tax lady
VA loans qualify.

http://www.freddiemac.com/singlefamily/service/hmp_eligibility.html

“FHA, website VA, information pills and RHS guaranteed mortgages are eligible, subject to the relevant agency guidelines. “

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One Comment

  1. Obama’s Loan Modification Program

    “Obama’s Loan Modification Program – How to Qualify for Help!”

    http://www.obama-loanmodification.com/