The Home Affordable Modification Program (HAMP) rolled out last year currently has over 700,000 people in trial modifications and a little over 30,000 in.Do You Qualify for Obama Refi Program? The federal government's Home Affordable Refinance program is designed to help homeowners refinance their mortgages even if they owe slightly more than the current value of their homes. The program could be a boon for some borrowers, though its many layers of rules may resemble one of those maddeningly complex contests that offer valuable prizes to people who complete a maze of special offers. Refinancing by the rules. The federal government. Fannie Mae. Freddie Mac. The program is complicated because the federal government has a top- level set of rules; Fannie Mae and Freddie Mac have their own separate sets of rules; and lenders, loan servicers and mortgage insurers generally have their own rules as well. Borrowers may well wonder where to begin. Here's our guide to help you navigate through this labyrinth of rules. RATE SEARCH: Compare rates on a mortgage refinance. I am required to have the language below if I am soliciting your Home Affordable Refi for your home in Washington Get the home loan help you need—now. If you're having trouble paying your mortgage, Bank of America offers home loan assistance solutions that can help you. Easy-to-read Home Affordable Refinance Program (HARP) rules with mortgage rates attached. Also, the latest HARP updates, plus today's mortgage rates at. On May 8th FHFA Director Mel Watt announced that the Home Affordable Refinance Program has been extended another year. HARP is now set to expire December 31, 2016. MAKING HOME AFFORDABLE Created to support a recovery in the housing market, the Treasury Department's Making Home Affordable program will help millions of homeowners. We know that each customer has specific needs, so we strive to meet those specific needs with providing information about different loan programs, steps to owning a. Objective: The federal government's Home Affordable Refinance program is intended to help creditworthy homeowners whose homes have decreased in value refinance their mortgages to obtain lower interest rates or payments, lock in a fixed interest rate or eliminate onerous loan terms to improve their long- term stability as homeowners. The program applies only to loans that are owned or guaranteed by Fannie Mae or Freddie Mac, the two secondary- market mortgage corporations that currently are operated under federal government conservatorships. The borrower must be an owner- occupant of a detached house, condominium, duplex, triplex or four- unit residential property. The second loan must remain subordinate to the new first mortgage. The borrower cannot take out cash to pay other debts but may be allowed to finance closing costs or obtain small amounts of cash, subject to Fannie Mae's or Freddie Mac's rules. The interest rate on the new mortgage will be a market rate. Rates may vary among lenders. The borrower may be charged fees, points or other refinancing costs. The borrower must have sufficient income to afford the new mortgage payments. The new mortgage cannot have a prepayment penalty or balloon payment. The borrower's existing loan balances will not be reduced. Borrowers whose existing mortgage is covered by private mortgage insurance, or PMI, will be required to continue that insurance on the new loan. Official Program of the U.S. Department of the Treasury & the U.S. Department of Housing and Urban Development. Today, home interest rates are at historic lows—on average, below 4 percent. The average homeowner could save $3,000 a year by refinancing at today’s low rates. What income can be used under the Home Affordable Modification Program HAMP? Lets examine the current income guideline released October 2009 for use. Borrowers who don't have mortgage insurance won't be required to obtain it. So far, 1. 5 lenders have signed formal agreements to participate in this program. A list of these lenders has been posted on the Making Home Affordable Web site. Other lenders may also offer this program. Borrowers are encouraged to gather documents before they contact a lender or loan servicer. Recommended documents include. Paycheck stubs or other income- related documents. Recent income tax return. Information about any second loan secured by the property. Account balances and monthly minimum payments on credit cards, student loans, car loans and other debts. Borrowers are encouraged to complete the short self- assessment questionnaire to obtain a preliminary indication of whether they may be eligible for this program. This program will end June 1. More information may be found at Making Home Affordable. Borrowers should be very careful to consult only the government's official Web site, as a number of copycat Web sites have sprung up to entrap the unwary. Some sites copy the government Web site and change the telephone number at the top.
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