Archive for FHA refinance loan
Most people are not aware that the government has nearly 97% of the marketplace with FHA, Freddie Mac and Fannie Mae. Dealing with the major home financing companies can provide some useful benefits that may not be available from smaller institutions. The number of Fannie Mae and Freddie Mac mortgage refinance packages available can help establish a more affordable budget within a household. Reviewing the current Fannie Mae and Freddie Mac mortgage terms will help to establish whether seeking a new home mortgage refinancing option makes sense for the current economic situation within the environment. Past experience with these lending sources will help to pave the way for renegotiating the terms of an existing loan. Favorable interest rates may result in long term savings that can be used to fund other objectives within the household.
Before making any move to discuss the possibility of Fannie Mae and Freddie Mac refinance packages with a lending officer, take some time to review the current family financial situation. In order to achieve home affordable refinance objectives, current credit levels and debt obligations should be effectively managed. Work on paying down existing obligations and avoid late payments on regular bills. If there are some credit issues, a few months of concerted efforts to meet fiscal responsibilities will positively impact credit scores. With the proper approach, the possibility of a mortgage refinance and the act of actually securing a new home loan is more likely.
|Government Extends Alternative Refinancing with No EquityOne thing that many homeowners may not readily understand is that there are a number of Fannie Mae and Freddie Mac mortgage refinance options that aren’t commonly discussed. Researching into the topic will reveal that plans include the ability to acquire 125% refinance with no equity|
This can be extremely useful for emergency situations. Another program that is not well-known is the DU refinance plus option. The introduction of this program was to help current home owners meet their monthly payments when interest rates unexpectedly changed. This is a useful alternative to running the risk of foreclosure due to nonpayment. Taking evasive action can prevent an unwanted situation from occurring.
Government Refinance Programs
- Home Affordable Refinance Program to 125%
- Emergency Homeowners Loan Program
- DU Refinance Plus to 105%
- FHA Short Refinance Program
There is more flexibility available with Freddie Mac and Fannie Mae mortgage opportunities than most people realize. In addition to the aggressive refinance FHA programs, both Freddie Mac and Fannie Mae have extended several loan programs to help borrowers refinance their underwater mortgage. While much of the media is focused on the major issues affecting the economy, many of the different possibilities are glossed over. If you are seeking a rate and term refinance to 105%, speaking with a representative will disclose the details needed to quality for this possibility. A proactive response to the changing economy will eliminate the need to take drastic actions at a later time. The end result will leave a home owner in better financial shape.