HARP Mortgage Refinance 2017

HARP Mortgage Refinance 2017

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.

• Unlimited LTV
• Unlimited DTI
• Any Occupancy
• No minimum credit score
• No appraisal
  

The U.S. Department of the Treasury and the U.S. Department of Housing and Urban Development today announced an extension of the Obama Administration’s Making Home Affordable Program through December 31, 2017.

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 HARP program and lower your monthly payment or term using the Fannie Mae streamline process.

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.

Credit Score requirements

• No minimum credit score HARP refinance
• Zero mortgage late in last 6 months
  
• One times 30 days late in last 7 - 12 months

Eligible Property Types

• Primary Residence 1 - 4 units
  
• Second Home 1 - 4 units
• Investment Property 1 - 4 units

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.

Today’s historically low interest rates make now the perfect time to purchase a new home or refinance.

One of the most popular types of mortgages is the 30-year fixed-rate mortgage. This loan is usually the easiest to qualify for and provides the maximum interest deduction at tax time. The interest rate stays the same over the life of the loan which provides unchanging low monthly payments.

No matter what the economy looks like, mortgage rates change on a daily, even hourly, basis. Rate fluctuations can cost or save you thousands of dollars. With that in mind, the question when shopping for a loan is whether it's best to lock in a rate or float the loan. Either way, there's risk.

It's your choice the rate-lock option means a borrower fixes the price at the current mortgage rates, provided he or she finalizes the loan within a specified period. The upside is that you are protected against a potential mortgage rate increase. But if the rate goes down, you could end up paying more than necessary. The "float" option, by contrast, allows the borrower to adopt a wait-and-see approach. The risk remains, though: If rates do rise, you wind up losing money.

Not everyone can take advantage of the opportunity to refinance or qualify for a new home loan due to today’s tightened credit guidelines.

To be approved at the lowest mortgage rates, borrowers do not need to have the highest credit score. In addition, the consumers need a reasonable debt-to-income ratio. Most lenders will qualify borrowers at a maximum of 50 percent of overall debt to household gross monthly income. Some borrowers with significant assets or income will be able to qualify even with slightly lower credit scores or higher debt.

Low mortgage rates result in lower monthly payments which can save you thousands of dollars off the life of the loan.

Apply Now!

Call us 888.958.5382

HARP-2.0  FHA streamline  VA rate reduction program  FHA Refinance

Fannie Mae Cash Out refinance Refinance mortgage Freddie Mac

We look forward to working with you.

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