The US real estate market is coming back around and as real estate starts to recover, many people are buying new homes or refinancing their existing one. What kinds of mortgage programs are popular today with homeowners? Here are just a few:
HARP Refinance Program
With the HARP refinance program (sometimes referred to the Obama refinance) homeowners can now take advantage of the government sponsored HARP program to refinance their home. Homeowners may be able to take advantage of lower interest rates and still qualify even if their home has declined in value or is under water. With up to a possibly unlimited loan to value (depending on the lender) and possibly late mortgage payments in the homeowner payment history, the HARP refinance program is helping millions of homeowners. With the HARP program, many lenders are offering minimal fees, little or no out-of-pocket expenses and some people may even qualify without an appraisal. Finding out if you are eligible for HARP is quick and easy when we match you with a lender who is able to help people refinance with the HARP program.
FHA Home Loans
The FHA home loan program has been around for years and is one of the most popular home loan programs for people with less than perfect credit or are first time home buyers. In January, 2015 President Obama announced that FHA was reducing the amount of mortgage insurance required on FHA loans which makes them cheaper for consumers to get on a monthly basis. Reduced mortgage insurance for FHA loans means more people will qualify for the FHA loan programs in the coming years - and it will increase the FHA program popularity even more. Less than perfect credit? First time home buyer? The FHA loan program is probably going to be your best bet at getting qualified for a mortgage designed for your needs.
The VA loan program is designed for active duty military as well as Veterans who have retired. The VA loan program is popular with Veterans because of the zero-money-down requirements when buying a home with a VA loan as well as no mortgage insurance. When refinancing, the VA streamline refinance program is popular because of the reduced documentation required. If you are eligible, the VA loan program is a great program that can help you get the most house for your money.
Regardless of what kind mortgage product you may be interested in, we have made it easy for you to get matched with multiple lenders. Simply complete our quick inquiry form and we will work hard to match you with lenders who can help get you qualified for the right mortgage program for you.
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When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.
Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.
When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.
Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.
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