KEYWORDS:Obama Refinance 2013 Florida, Obama Refinance 2013 New Jersey,

Obama Refinance 2016

Obama Refinance 2016

The Obama Administration’s Home Affordable Refinance Program (HARP) is designed to assist homeowners in refinancing their mortgages even if you owe more than the home’s current value.

If you are current on your mortgage with or without equity then you are eligible for this program. As the government continues to purchase mortgage backed securities, rates continue to fall and are at record lows.

The Home Affordable Refinance Program allows you take advantage of current market rates even if you are underwater. Take advantage of the Home Affordable Refinance Program and lower your monthly payment or term using the Fannie Mae streamline process.

Homeowners who are current on their mortgages but have been unable to take advantage of today's lower interest rates because their homes have decreased in value, may now have the opportunity to refinance.

If loan being refinanced does not currently have PMI then the new loan will not require PMI. The new loan must provide a benefit to the borrower in the form of a reduced P&I payment of at least 5% or more stable program.

The program should:

  • Reduce the interest rate
  • Replace an ARM or Interest-Only payment loan
  • Reduce the monthly Principal and Interest payment
  • Reduce the amortization term

Credit score requirements:

  • Primary Residence 620 Credit Score
  • Second Home 680 Credit Score
  • Investment Properties 680 Credit Score

Maximum loan-to-value:

  • 620 Credit Score Maximum Loan-to-Value 150%
  • 680 Credit Score Unlimited Loan-to-Value (Primary & Second)

The objective of a refinance under Home Affordable Refinance Program is to provide creditworthy homeowners who have shown a commitment to paying their mortgage the opportunity to get into a new mortgage with better terms.

Homeowners whose mortgage interest rates are much higher than the current market rate should see an immediate reduction in their payments. Homeowners who are paying interest only, who have a low introductory rate that will increase in the future, or who face a balloon payment may not see their current payment go down if they refinance to a fixed rate and payment. These homeowners, however, could save a great deal of money by reducing the amount of interest you pay over the life of the loan. Obama Refinance 2016.

Closing cost - FHA allows the seller to pay up to 6% of your closing cost.

If you are buying a $100,000.00 house FHA allows the seller to pay up to $6,000.00 for your closing cost. It must be in writing in the sales contract, "Seller will pay up to 6% of buyer's closing cost."

If you do not write it into the sales contract then you will be paying the closing cost. In the state of Florida closing cost for a $100,000.00 house average around $4,300.00 depending on taxes, insurance and who's paying the transfer tax and owner's title insurance.

By allowing the seller to pay for your closing cost you will decrease the amount of money required to buy a home. Buying a $100,000.00 property requires $3,500.00 down payment and if the seller pays up to $6,000.00 for your closing cost you will only need around $4,000.00 to buy a $100,000.00 in Florida.

Are you short funds to close? The FHA no closing cost loan allows all of your closing cost to be rolled into your loan including your appraisal fee, hazard insurance premium and even your escrow account.

Are you a first time home buyer? Do you need to get pre-approved for a first time home buyer program in Florida?

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Obama Refinance 2016 Obama Refinance 2016

What's the minimum credit score needed to buy a house or refinance in Florida?

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FHA loans

FHA loans require a minimum 500 credit score to buy a house or refinance

500 credit score

VA loans

VA loans require a minimum 500 credit score to buy a house or refinance

500 credit score

Fannie Mae

Fannie Mae loans require a minimum 620 credit score to buy a house or refinance

620 credit score

USDA loans

USDA loans require a minimum 580 credit score to buy a houseor refinance

580 credit score

HOMEPATH

HomePath loans require a minimum 620 credit score to buy a house

620 credit score

HARP refinance

HARP loans require no minimum credit score torefinance

No minimum credit score

Freddie Mac

Freddie Mac loans require a minimum 620 credit score to buy a house or refinance

620 credit score

Want to know if you qualify for an FHA loan? Get pre-approved for an FHA loan online.

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888.958.5382

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