The Home Affordable Modification Program or HAMP is designed for people who are not unemployed, but are still having a difficult time making their mortgage payments.
HAMP can lower monthly mortgage payments to make them further affordable and credible in the long term. On June 1, , the Obama administration announced the expansion of the number of homeowners that may qualify for the Home Affordable Modification Program in order to provide the public with adequate solutions for their housing issues.
These include:. This government refinance assistance program is specifically designed for helping individuals refinance into a more stable and affordable mortgage insured by the FHA. To understand which government refinance program is the best for you, please visit Home Affordable Modification Program.
This way, you can easily make the right choice for your home and family. Rate disclaimer. Guides to popular Refinance Mortgage topics and Personal Finance:. Log in Sign Up. Mortgage Refinance Loan. Home Equity Loan.
Debt Consolidation Loan. Home Purchase Loan. Top News. Latest News. See All News. Mortgage Calculator. Mortgage Refinance Calculator. Which Loan Is Better Calculator. Mortgage Payment Calculator. Additional Payment Mortgage Calculator. Interest Only Mortgage Calculator. Tax Savings Mortgage Calculator. This makes perfect sense. Someone at Freddie Mac has their brain working, kudos to them. Many times Freddie Mac will waive the need for a physical appraisal if automated information is available.
This makes the process a little easier and a little less expensive. Both of these programs are strictly for rate and term refinances, no cash out available. If you can qualify for one of these loan programs and make your mortgage payment more affordable, success has been had. Look for more openings in this program throughout the coming year. It just might keep some people in their homes. Find out more reading mortgage tips. Many thanks.
Need help? Call Equal Housing Opportunity. All rights reserved. Only fixed rate loans get the unlimited LTV treatment. Not all banks are honoring the HARP 2. Sort of. If the value is reasonable, no physical appraisal will be required. The programs have similarities, however. No, you cannot use the HARP 2. Ginnie Mae is associated with FHA mortgages — not conventional ones. HARP 2 is for conventional mortgages only. There are very few instances in which a HARP applicant will be precluded from shopping for the best rate.
Except in rare cases, no. With HARP, you can work with any participating lender in the country. And there are a lot of them. Yes, you can shorten your loan term via HARP.
You must still qualify for the mortgage based on payments, though. Be sure to ask. No, your private mortgage insurance payments will not increase. You can refinance via HARP 2. Yes, you can refinance your mortgage via HARP 2. There are banks closing HARP loans with lender-paid mortgage insurance attached. Your loan officer will know what to do. Just make sure you disclose that your mortgage has LPMI at the time of application so your loan officer knows what to do.
Otherwise, your loan could be delayed in processing. To find out if your mortgage has lender-paid mortgage insurance LPMI , locate your loan paperwork from closing. There should be a clear disclosure that states that your mortgage features LPMI, and the terms should be clearly labeled for you. If it did, look to see if you are paying monthly mortgage insurance. There are different types of private mortgage insurance and not all kinds are paid monthly.
One such example is lender-paid mortgage insurance for which your lender pays PMI on your behalf each month. If your bank says no, ask another bank and you may get a different answer. The key is that the new loan has mortgage insurance coverage at least equal to the mortgage insurance coverage on your current mortgage.
There are plenty that of banks that can help you. Only rate-and-term refinances are allowable. The loan must meet typical program eligibility standards. Yes, condominiums can be financed on the HARP refinance program. Warrantability standards still apply. Condominiums can be financed on the HARP refinance program. If your current lender is unable or unwilling to help, remember that you can take your HARP loan to any participating bank in the country.
Other banks may know what to do with condos. No, you cannot consolidate multiple mortgages with the HARP refinance program. No, the Home Affordable Refinance Program is for first mortgages only.
Second mortgages cannot be refinanced via HARP, nor can they be consolidated into a first mortgage. Second liens are meant to subordinate. Just be sure to mention your second mortgage at the time of application so your lender knows to order the subordination for you. With the HARP refinance program, second liens are meant to subordinate. Second lien holders know this, however, not all second lien holders will agree to it.
This is against the spirit of the program, but second lien holders are within their rights to deny the refinance. Second mortgages are ignored as part of HARP.
Second mortgages are a non-factor in HARP 2. You cannot combine your two mortgages, however. You can only refinance your first mortgage. Only your first mortgage is eligible for Making Home Affordable. If your current bank is not setup for HARP, find a new lender.
HARP is available through any participating bank and there are a lot of them. Free, no-obligation HARP quotes are available online, too. Yes, mortgage balances can be increased to cover closing costs in addition to other monies due at closing such as escrow reserves, accrued daily interest, and a small amount of cash.
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