Help understand the new home mortgage assistance program?
I hear there is a new refinance program to help home owners who have been making their mortgage payments.
If anyone has any knowledge and/or credible web sites to view, I would be so appreciative.
I am curious to know what the qualification criteria is and how to get things started.
Just curious but why do you think someone who is able to, and don’t get me started on the newest reward for those irresponsibles, should rely on someone else to bail them out? My home has been paid for for years because I took out a 20 year loan and paid it off in 6 so who is going to come in and me and those like me money because our houses too have decreased in value. Okay I am stopping!
Are there any 125% mortgage programs available?
I am well aware of the downside to the 125% mortgage programs. However, I do not intend to move and having bought my house just before the fall of the market, I find that I currently owe at least 100%, and possibly more than what my home is valued. I would like to refinance at a lower rate but can’t do that without putting down a great deal of money (which I don’t have)….so….are there any lenders offering the once plentiful 125% mortgages?
Unfortunately not. You may be able to find a 105% loan under the new Obama plan,however 125% loans do not exist anymore and were a large reason why we are in the state we are now.
You will not be able to refinance your loan if you owe more than its worth.
I have a refinance question for the mortgage brokers or someone who has been through this.?
I have a loan with HFC and my loan amount is much higher than the value. I would like to refinance but was told I don’t qualify b/c of my LTV. I was researching on line and saw that Freddie Mac has this “Relief Refinance Mortgage program” for those individual who has been current on there loans but can’t refinance because of the value. Well, that’s me. But, the site does not give any advice on how to access this info. So, does anyone know how I could take advantage of this? Any help would be appreciated.
~~Go to the governments website which explains the program for your situation, tells you if you qualify and can help direct you to a lender.
Mortgage programs out there.?
We pay our bills on time, great credit score but we want to refinance. We are upside down though, as our mortgage is about 15K higher then it’s worth right now. What programs are available for just us? Or do we have to wait it out until the house is worth more later.
You can find more info about the new HARP programs here:
mortgage refinancing in citibank!!?
my brother wants to have the mortgage refinancing in citibank,which is his lender. the citibank said his income is not enough, but he may qualify for the Obama’s loan program. so, he fills out the forms,and it cost him $600 fees ( he got to pay it no matter he qualify or not).
citibank send a person to check his house in this morning for 10 minutes. my brother told me that he got to wait 6 to 8 weeks to know the results. is it too long? i heard that if someone apply for
the Obama’s loan program, and then not qualify. their credit score is affected badly,is it true? i worry about it.
sorry for my bad english, have a nice day!!
The score will not drop by much – you are talking a couple of points.
And it is quickly aged and drops off.
It’s called an inquiry and it happens if you get the loan or don’t get the loan.
Note: If a bank is stating that his income is not enough maybe he should consider a smaller home or saving up a larger down payment.
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