Types of Loan Programs: Conforming, Jumbo Loans, FRM, ARM, Balloon Mortgage, mortgage help programs.#Mortgage #help


mortgage help programs

Mortgage help programs

Mortgage help programs

Mortgage help programs

Mortgage help programs

Types of Mortgage Loans

Conventional and Government Loans

Any mortgage loan other than an FHA, VA or an RHS loan is conventional one.

The Federal Housing Administration (FHA), which is part of the U.S. Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payment requirements and are easier to qualify than conventional loans. FHA loans cannot exceed the statutory limit. Go to FHA Programs page to get more information.

If you are looking for an FHA home loan right now, please feel free to request personalized rate quotes from HUD-approved mortgage lenders via our website.

VA loans are guaranteed by U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. In addition, it is easier to qualify for a VA loan than a conventional loan. Lenders generally limit the maximum VA loan to $203,000. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders. VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan.

VA-guaranteed loans are obtained by making application to private lending institutions. If you are interesting in obtaining a VA-guaranteed loan you can try our VA loan request form.

Please see also pamphlets published by VA.

RHS Loan Programs

The Rural Housing Service (RHS) of the U.S. Dept. of Agriculture guarantees loans for rural residents with minimal closing costs and no downpayment. Visit our page RHS programs for details.

Ginnie Mae which is part of HUD guarantees securities backed by pools of mortgage loans insured by these three federal agencies – FHA, or VA, or RHS. Securities are sold through financial institutions that trade government securities.

State and Local Housing Programs

Many states, counties and cities provide low to moderate housing finance programs, down payment assistance programs, or programs tailored specifically for a first time buyer. These programs are typically more lenient on the qualification guidelines and often designed with lower upfront fees. Also, there are often loan assistance programs offered at the local or state level such as MCC (Mortgage Credit Certificate) which allows you a tax credit for part of your interest payment. Most of these programs are fixed rate mortgages and have interest rates lower than the current market.

Conventional loans may be conforming and non-conforming. Conforming loans have terms and conditions that follow the guidelines set forth by Fannie Mae and Freddie Mac. These two stockholder-owned corporations purchase mortgage loans complying with the guidelines from mortgage lending institutions, packages the mortgages into securities and sell the securities to investors. By doing so, Fannie Mae and Freddie Mac, like Ginnie Mae, provide a continuous flow of affordable funds for home financing that results in the availability of mortgage credit for Americans.

Fannie Mae and Freddie Mac guidelines establish the maximum loan amount, borrower credit and income requirements, down payment, and suitable properties. Fannie Mae and Freddie Mac announces new loan limits every year.

The national conforming loan limit for mortgages that finance single-family one-unit properties increased from $33,000 in the early 1970s to $417,000 for 2006-2008, with limits 50 percent higher for four statutorily-designated high cost areas: Alaska, Hawaii, Guam, and the U.S. Virgin Islands. Since early 2008, a series of legislative acts have temporarily increased the one-unit limit to up to $729,750 in certain high-cost areas in the contiguous United States. Permanent limits, which apply to the Enterprises’ acquisitions of certain mortgages originated prior to July 1, 2007, are set under the terms of the Housing and Economic Recovery Act of 2008 (HERA).

For every county and county-equivalent in the country, maximum loan limits for mortgages can be found at: http://www.fhfa.gov/Default.aspx?Page=185

The 2013 conforming loan limits for first mortgages remain at the limits set in 2006, 2007, 2008, 2010 and 2011:


Home Loans For Teachers, mortgage help programs.#Mortgage #help #programs


What can we help you with today?

Tap each box for more info.

Mortgage help programs

Teacher Home Buying Programs

Mortgage help programs

Teacher Refinancing Programs

Mortgage help programs

Teacher Home Selling Programs

Educators, here’s a mortgage program designed just for you.

Mortgage help programs

Discounted

Up to $800 in reduced closing costs for you! We believe in education and giving back to teachers and the education field is our passion.

Mortgage help programs

Discounted

Real Estate Agent Fees 2

Up to $800 credited from real estate agent fees directly to you. We look to work with those in the Real Estate Community who also look to give back. Discounted Real Estate Agent Fees + Discounted Closing Costs = up to $1,600 in credits at the closing table for you!

Mortgage help programs

Fast Loan

Educator Mortgage Program customers take priority in our world! Enjoy faster turn times and a great loan experience!

Mortgage help programs

Donation To

So many programs today are underfunded – we are here to help. Up to $400 in Donations 3 on home purchases and $200 on home refinances to your preferred school program. Pick any program you want (softball team, science lab, library, teachers lounge, etc.) and make it better!

Educator Mortgage passes the “Give Back” test.

And we’re just getting started.

Estimated

So many programs today are underfunded, and so many educators today need a break.

You shape our children, our communities, our future.

Let us serve you, your family, your future.

1-855-720-2040

1 The Educator Mortgage Program through Supreme Lending entitles the borrower to a closing cost credit equal to .20% of the funded loan amount up to the lesser of $800 or total closing cost amount. The credit applies to all loan products other than Bond Programs, which are not eligible under the Educator Mortgage Program. The lender credit will be reflected on the Closing Disclosure. No part of Lender Credit can apply to or offset down payment. Special incentive program subject to change without notice. This offer not valid with any other incentives or discounts.
2 The Educator Mortgage Program through Supreme Lending entitles the eligible home buyer and/or seller to a credit against real estate fees equal to .20% of the loan amount up to a maximum of $800. Subject to Real Estate Agent participation. Supreme Lending will make best efforts to identify a participating Real Estate Agent but does not guarantee Real Estate Agent participation. In the case of no Real Estate Agent participation the home buyer or seller will not receive the discounted Real Estate Agent fees. See eligibility requirements listed above for qualifying buyer, seller and borrower.
3 The Educator Mortgage Program through Supreme Lending also entitles the borrower to obtain a donation from Supreme Lending to their preferred school program equal to .05% of the loan amount, up to a maximum of $200. The donation is available on all loan products other than Bond Programs which are not eligible under the Educator Mortgage Program. The donation will be made directly to the school.
A participating Real Estate Agent may also make a donation to the borrower’s preferred school program equal to .05% of the loan amount, up to a maximum of $200. Subject to agent participation. Supreme Lending will make efforts to identify a participating Real Estate Agent but does not guarantee Real Estate Agent participation. In the case of no Real Estate Agent participation the home buyer or seller will not be entitled to this donation, but it will not affect the lender credit or lender donation in any way. The donation will be made directly to the school.
We provide home loans for teachers in the following states: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.

Mortgage help programs

Mortgage help programs

Contact

EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING (NMLS ID #2129) at 14801 Quorum Dr., #300, Dallas, TX 75254. All rights reserved. For all other licenses, visit www.nmlsconsumeraccess.org.

Website authorization by the New York State Department of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site.

In accordance with Section 326 of the USA PATRIOT Act of 2001, Supreme Lending is required to obtain a copy of the documents used in identifying our new account customers. This notice is being provided to you for adequate notice given under this act.


NRL Mortgage, mortgage help programs.#Mortgage #help #programs


713-590-9070

Mortgage help programs

Mortgage help programs

FHA Loans

An FHA Mortgage Loans Offers:

  • A Lower Down Payment
  • Easier Credit Qualifying
  • Lower Costing Cost

Refinance Loans

  • Learn About Refinancing
  • Get Refinance Tips Advice
  • Refinance Calculators

Mortgage help programs

Welcome To The Home Of The Most Competitive Houston Mortgage Rates!

Let Us Find The Perfect Mortgage For You!

As one of the largest privately held residential mortgage lenders in the southwest we can help you find the perfect mortgage. We handle all real estate transactions giving you access to the most competitive mortgage rates from Houston, Dallas, Austin, Fort Worth, and San Antonio to all across Texas.

Over the last 15+ years we have helped countless individuals and families just like you secure the most competitive mortgage rates while offering sensible lending programs. Those who have worked with us have been able to hold onto their slice of the American Dream and enjoy financial security with peace of mind.

Shopping for a new home? Contact us today for a no obligation quote and get pre-qualified for a Houston home loan so that you can shop with confidence knowing that your financing is already in place. Call us today to speak to one of our loan originator who can lock in your low rate Houston mortgage.

Already own the home of your dreams and just want to lower your payments or access your equity? Let one of our Texas loan originators lower your monthly payments, so you can manage your home equity to deal with life’s demands.

Regardless of whether you are buying or refinancing a new residence, second home or an investment property you will find no where better to get the most competitive Houston mortgage rates than right here a NRL Mortgage. Contact us today for a no obligation, and personalized quote. We are just an email or phone call away.

As one of the largest privately held residential mortgage lenders in the southwest we can help you find the perfect mortgage. We handle all real estate transactions giving you access to the most competitive mortgage rates from Houston, Dallas, Austin, Fort Worth, and San Antonio to all across Texas.

Over the last 10+ years we have helped countless individuals and families just like you secure the most competitive mortgage rates while offering sensible lending programs. Those who have worked with us have been able to hold onto their slice of the American Dream and enjoy financial security with peace of mind.

Shopping for a new home? Contact us today for a no obligation quote and get pre-qualified for a Texas home loan so that you can shop with confidence knowing that your financing is already in place.

Call us today to speak to one of our loan originator who can lock in your low rate Texas mortgage.

Already own the home of your dreams and just want to lower your payments or access your equity? Let one of our Texas loan originators lower your monthly payments so you can manage your home equity to deal with life’s demands.

Regardless of whether you are buying or refinancing a new residence, second home or an investment property you will find nowhere better to get the most competitive Texas mortgage rates than right here a NRL Mortgage. Contact us today for a no obligation, personalized quote. We are just an email or phone call away.


NRL Mortgage, mortgage help programs.#Mortgage #help #programs


713-590-9070

Mortgage help programs

Mortgage help programs

FHA Loans

An FHA Mortgage Loans Offers:

  • A Lower Down Payment
  • Easier Credit Qualifying
  • Lower Costing Cost

Refinance Loans

  • Learn About Refinancing
  • Get Refinance Tips Advice
  • Refinance Calculators

Mortgage help programs

Welcome To The Home Of The Most Competitive Houston Mortgage Rates!

Let Us Find The Perfect Mortgage For You!

As one of the largest privately held residential mortgage lenders in the southwest we can help you find the perfect mortgage. We handle all real estate transactions giving you access to the most competitive mortgage rates from Houston, Dallas, Austin, Fort Worth, and San Antonio to all across Texas.

Over the last 15+ years we have helped countless individuals and families just like you secure the most competitive mortgage rates while offering sensible lending programs. Those who have worked with us have been able to hold onto their slice of the American Dream and enjoy financial security with peace of mind.

Shopping for a new home? Contact us today for a no obligation quote and get pre-qualified for a Houston home loan so that you can shop with confidence knowing that your financing is already in place. Call us today to speak to one of our loan originator who can lock in your low rate Houston mortgage.

Already own the home of your dreams and just want to lower your payments or access your equity? Let one of our Texas loan originators lower your monthly payments, so you can manage your home equity to deal with life’s demands.

Regardless of whether you are buying or refinancing a new residence, second home or an investment property you will find no where better to get the most competitive Houston mortgage rates than right here a NRL Mortgage. Contact us today for a no obligation, and personalized quote. We are just an email or phone call away.

As one of the largest privately held residential mortgage lenders in the southwest we can help you find the perfect mortgage. We handle all real estate transactions giving you access to the most competitive mortgage rates from Houston, Dallas, Austin, Fort Worth, and San Antonio to all across Texas.

Over the last 10+ years we have helped countless individuals and families just like you secure the most competitive mortgage rates while offering sensible lending programs. Those who have worked with us have been able to hold onto their slice of the American Dream and enjoy financial security with peace of mind.

Shopping for a new home? Contact us today for a no obligation quote and get pre-qualified for a Texas home loan so that you can shop with confidence knowing that your financing is already in place.

Call us today to speak to one of our loan originator who can lock in your low rate Texas mortgage.

Already own the home of your dreams and just want to lower your payments or access your equity? Let one of our Texas loan originators lower your monthly payments so you can manage your home equity to deal with life’s demands.

Regardless of whether you are buying or refinancing a new residence, second home or an investment property you will find nowhere better to get the most competitive Texas mortgage rates than right here a NRL Mortgage. Contact us today for a no obligation, personalized quote. We are just an email or phone call away.


Loan Modification Programs: How to Qualify and Apply #refinance


#mortgage loan modification

#

Loan Modification Programs: How to Qualify and Apply

In order to avoid foreclosure, your lender may agree to modify some or all of the terms of your loan. A loan modification is a negotiation between you and your lender. It begins by contacting your mortgage company, discussing your problem, and proposing a solution that involves modifying the loan.

How Government Loan Modification Programs Work

The purpose of a mortgage modification is to get your monthly payment to a more affordable level. An affordable mortgage payment is typically defined as 31% of the borrower s monthly gross income. So for example, if you earn $4,200 a month, then your loan will be modified to be 31% of your income, or $1,302 per month in this case.

The federal government and the Department of Housing and Urban Development (HUD) have created and recently updated several loan modification programs for a person s primary residence.

Home Affordable Modification Plan (HAMP)

The Obama Administration introduced HAMP as part of the Making Home Affordable plan to stabilize the housing market. Under the federal loan modification plan, your monthly loan payments are reduced by modifying one or more components of your mortgage:

  • Lower the interest rate
  • Extend the life of the loan
  • Lower the loan principle

How to Qualify

As long as you can verify a legitimate financial hardship that impacts your ability to make your loan payments, you may qualify. Contrary to popular belief, you do not need to be behind on your payments before a lender will consider doing a loan modification with you. If you are behind on your payment or facing foreclosure, applying for a loan modification places a temporary halt on the foreclosure process.

In order for your loan to qualify for modification under HAMP, the following conditions must apply:

  • You obtained your mortgage on or before January 1, 2009.
  • You owe up to $729,750 on your primary residence or single unit rental property.
  • You owe up to $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property.
  • The property has not been condemned.
  • You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
  • You have sufficient, documented income to support a modified payment.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

What if I don t qualify or have been denied?

Unfortunately not all struggling homeowners qualify for the government modification program. Credit.org, a HUD-approved housing counseling agency, has developed three programs to help homeowners who have been denied or do not qualify for this federal program:

  • The Home Affordable Foreclosure Alternatives (HAFA) Program Government assistance for a short sale or deed-in-lieu of foreclosure

Other Loan Mod Programs

  • VA Loan If your home mortgage is a Veterans Administration (VA) loan, then there is a specific government program called the Cal Vet Modification .
  • FHA Loan There is a loan modification program specifically for Federal Housing Administration (FHA) loans
  • None of the Above Banks who do not participate in the government programs may have their own unpublished loan modification programs with a different set of qualifications.

How to Apply for a Loan Modification 3 Simple Steps

If you are currently facing a financial hardship and want a loan modification, then know that time is of the essence. You have a greater ability to negotiate with your lender earlier on in the foreclosure process than later. Get started today:

  1. Collect Your Financial Information
    You ll need to provide your current income and expenses.
  2. Collect Your Mortgage Information
    Get a copy of your mortgage statement that has your loan number on it.
  3. CALL
    If you re ready to begin negotiating for a loan modification, get some free advice before contacting your lender. Talk to a nonprofit housing consultant from a HUD-approved agency and find out how likely you are to qualify for a loan modification based on your individual mortgage and financial situation.

Nonprofit housing consultants from a HUD-approved agency can provide you with:

  • All available loan modification options
  • A customized action plan
  • Budget suggestions
  • Help in negotiating with your lender

Compare 30 Year Mortgage Rates and Home Loan Programs – American Financial Resources #home #mortgage


#30 year mortgage

#

Compare 30 Year Mortgage Rates

30 year home loans are easily the most popular home financing solutions for our clients. 30 year mortgages enable a borrower to spread their payments out over a 360 month period while offering the security of a fixed rate loan. And with most 30 year mortgages, you can make additional payments every month without incurring a penalty thus paying off your loan well in advance of the 30 year term (confirm this with your loan officer). We offer a wide range of 30 year home loans including FHA loans, jumbo loans, VA loans, USDA loans, mobile home loans, and traditional fixed rate programs. Whether you are looking to purchase a condominium in Hawaii, a rental property in New York, or a vacation home along the Atlantic Coast in North Carolina, we are here to deliver low 30 year interest rates and some of the best programs on the market.

Request 30 year interest rates (3 Choices):

  • Dial 800-316-9508 to request current 30 year mortgage rates .
  • Request 30 year home loan pricing using the Mortgage Rate Quote Form
  • Get started on your mortgage online .

Benefits of a 30 year home loan:

  • Predictability of fixed rate mortgage with payments spread out over a 30 year period.
  • Offers some flexibility in that borrowers can typically pay down their mortgages faster by electing to make additional principle payments (verify with your loan professional).
  • 30 year interest rates have been near historic lows for the past few years making them more attractive to borrowers.

Contact us today to compare our current 30 year mortgage rates with the other companies that you are researching. We think you will be glad you did.

Please provide the following information to get started on your quote.

Popular Quick Searches:

Copyright 2009 – 2015 American Financial Resources, Inc.
Trade/service marks are the property of American Financial Resources, Inc. Some products may not be available in all states.
This is not a commitment to lend. All loans subject to credit approval. All rights reserved.

Call 800-634-8616 for quotes and consultations. For all other inquiries, please call our corporate office at 800-316-9508.


100% Home Financing – RANLife No Money Down Programs #calculator #mortgage


#100 mortgage financing

#

100% HOME FINANCING

RANLife offers many 100% Financing programs to make getting a home loan more affordable. A lot of the time, especially for first time homebuyers, saving up enough money for a down payment, closing costs, and moving costs can be one of the most difficult steps in buying a home. It used to be despite having perfect credit and a stable income, a homebuyers dream could quickly be crushed due to a lack of a down payment. Now, with RANLife’s No Down Payment program options, this dream can be a reality! Explore all of RANLife’s 100% Financing programs below:

USDA Home Loans

VA Home Loans

City & State Grant Loan Programs

Some Benefits of the 100% Financing Programs Include:

  • Low Interest Rates
  • Low to No Monthly Mortgage Insurance
  • No Prepayment Penalty
  • Minimized Upfront Mortgage Expenses
  • Low Monthly Payment
  • Loan Amounts up to $417,000 – Calculate Your Estimated Payment Now

Although the most common loan programs require a percentage of the purchase price to be applied as a down payment, there are still Zero Down Home Loan programs available today. To find out more information about RANLife’s 100% Financing Loans and to find out if you qualify please fill out an application online or contact one of our Loan Specialists at (800) 461-4152.

Zero Down Quick Form

Get more info on 100% Financing mortgage programs!

Thank you for your submission. Please check your email for additional information.

All information is kept confidential and is not
shared with any 3rd party vendors.


Farm Loan Programs #property #insurance #calculator


#mortgage programs

#

By providing access to credit, FSA’s Farm Loan Programs offer opportunities to:

  • Start, improve, expand, transition, market, and strengthen family farming and ranching operations
  • Provide viable farming opportunities for beginning farmers, racial and ethnic minority farmers and women producers
  • Value-added, direct sale, organic, and specialty crop operations
  • Young People actively involved in agricultural youth organizations
  • Urban producers
In the News
Current Interest Rates

Farm Operating- Direct

Farm Operating – Microloan

Farm Ownership – Direct

Farm Ownership – Microloan

Farm Ownership – Direct, Joint Financing

Farm Ownership – Down Payment

Emergency Loan – Amount of Actual Loss

Effective as of September 1, 2016

USDA Paths to Success

Your Guide to FSA Farm Loans

This guidebook simplifies information on the types of farm loans available; how to apply for a guaranteed loan, direct loan, or land contract guarantee; what you can expect once you submit your application; and most importantly, your rights and responsibilities as an FSA customer.

Available Farm Loans

Direct Operating Loans are used to purchase items such as livestock and feed; farm equipment; fuel, farm chemicals, insurance, and family living expenses; make minor improvements or repairs to buildings and fencing; and general farm operating expenses.

Microloans are operating loans designed to meet the needs of small and beginning farmers, non-traditional, specialty crop and niche type operations by easing some requirements and offering less paperwork.

Direct Farm Ownership Loans are used to purchase or enlarge a farm or ranch, construct a new or improve existing farm or ranch buildings, and for soil and water conservation and protection purposes.

Guaranteed Loans enables lenders to extend credit to family farm operators and owners who do not qualify for standard commercial loans. Farmers receive credit at reasonable terms to finance their current operations or to expand their business; financial institutions receive additional loan business and servicing fees, as well as other benefits from the program, such as protection from loss.

Targeted Loan Audiences

Youth Loans are used by young people participating in 4-H clubs, FFA. or a similar organization, to finance educational, income-producing, agriculture-related projects.

Minority and Women Farmers and Ranchers loans support the full participation of minority and women family farmers in FSA’s farm loan programs by targeting a portion of its direct and guaranteed farm ownership and operating loan funds for minority and women farmers to buy and operate a farm or ranch.

Beginning Farmers and Ranchers loans provide credit opportunities to eligible family farm and ranch operators and owners who have been in business less than 10 years.

Specialty Loans

Emergency Loans help farmers and ranchers recover from production and physical losses due to drought, flooding, other natural disasters or quarantine.


Loan Modification Programs: How to Qualify and Apply #mortgage #rates #today


#mortgage loan modification

#

Loan Modification Programs: How to Qualify and Apply

In order to avoid foreclosure, your lender may agree to modify some or all of the terms of your loan. A loan modification is a negotiation between you and your lender. It begins by contacting your mortgage company, discussing your problem, and proposing a solution that involves modifying the loan.

How Government Loan Modification Programs Work

The purpose of a mortgage modification is to get your monthly payment to a more affordable level. An affordable mortgage payment is typically defined as 31% of the borrower s monthly gross income. So for example, if you earn $4,200 a month, then your loan will be modified to be 31% of your income, or $1,302 per month in this case.

The federal government and the Department of Housing and Urban Development (HUD) have created and recently updated several loan modification programs for a person s primary residence.

Home Affordable Modification Plan (HAMP)

The Obama Administration introduced HAMP as part of the Making Home Affordable plan to stabilize the housing market. Under the federal loan modification plan, your monthly loan payments are reduced by modifying one or more components of your mortgage:

  • Lower the interest rate
  • Extend the life of the loan
  • Lower the loan principle

How to Qualify

As long as you can verify a legitimate financial hardship that impacts your ability to make your loan payments, you may qualify. Contrary to popular belief, you do not need to be behind on your payments before a lender will consider doing a loan modification with you. If you are behind on your payment or facing foreclosure, applying for a loan modification places a temporary halt on the foreclosure process.

In order for your loan to qualify for modification under HAMP, the following conditions must apply:

  • You obtained your mortgage on or before January 1, 2009.
  • You owe up to $729,750 on your primary residence or single unit rental property.
  • You owe up to $934,200 on a 2-unit rental property; $1,129,250 on a 3-unit rental property; or $1,403,400 on a 4-unit rental property.
  • The property has not been condemned.
  • You have a financial hardship and are either delinquent or in danger of falling behind on your mortgage payments (non-owner occupants must be delinquent in order to qualify).
  • You have sufficient, documented income to support a modified payment.
  • You must not have been convicted within the last 10 years of felony larceny, theft, fraud or forgery, money laundering or tax evasion, in connection with a mortgage or real estate transaction.

What if I don t qualify or have been denied?

Unfortunately not all struggling homeowners qualify for the government modification program. Credit.org, a HUD-approved housing counseling agency, has developed three programs to help homeowners who have been denied or do not qualify for this federal program:

  • The Home Affordable Foreclosure Alternatives (HAFA) Program Government assistance for a short sale or deed-in-lieu of foreclosure

Other Loan Mod Programs

  • VA Loan If your home mortgage is a Veterans Administration (VA) loan, then there is a specific government program called the Cal Vet Modification .
  • FHA Loan There is a loan modification program specifically for Federal Housing Administration (FHA) loans
  • None of the Above Banks who do not participate in the government programs may have their own unpublished loan modification programs with a different set of qualifications.

How to Apply for a Loan Modification 3 Simple Steps

If you are currently facing a financial hardship and want a loan modification, then know that time is of the essence. You have a greater ability to negotiate with your lender earlier on in the foreclosure process than later. Get started today:

  1. Collect Your Financial Information
    You ll need to provide your current income and expenses.
  2. Collect Your Mortgage Information
    Get a copy of your mortgage statement that has your loan number on it.
  3. CALL
    If you re ready to begin negotiating for a loan modification, get some free advice before contacting your lender. Talk to a nonprofit housing consultant from a HUD-approved agency and find out how likely you are to qualify for a loan modification based on your individual mortgage and financial situation.

Nonprofit housing consultants from a HUD-approved agency can provide you with:

  • All available loan modification options
  • A customized action plan
  • Budget suggestions
  • Help in negotiating with your lender

Government Mortgage Relief Programs #home #mortgage #rates #today


#federal mortgage relief

#

Government Mortgage Relief Programs

Government Mortgage Relief Programs

Loan Modification

The purpose of a mortgage loan modification is to get your monthly payment to a more affordable level. An “affordable” mortgage payment is typically defined as 31% of the borrower’s monthly gross income. This is achieved by modifying one or more components of your mortgage:

  • Lowering the interest rate
  • Extending the life of the loan
  • Lowering the loan principle

Home Affordable Refinance Program (HARP)

Many homeowners pay their mortgages on time, but are not able to refinance to take advantage of today’s lower mortgage rates, mainly due to a significant decrease in the value of their home. A Home Affordable Refinance will help borrowers refinance their first mortgage even if the balance owed is more than 100% of the home value. For example, let’s say the amount you owe on your first mortgage is $500,000. You may be able to refinance even if the home value is now only $400,000.

Hardest Hit Fund (HHF) Programs

The US Treasury administers the Hardest Hit Fund, which provides aid to the states that were most impacted by the economic crisis. Each of these states have local agencies that help homeowners in various ways, including mortgage payment assistance for the unemployed, principal reduction, and transactional assistance. This helps people either afford the homes they’re in, or move to more affordable housing.

Back to Work Program

Under the federal Back to Work program, consumers who had a foreclosure, short sale, deed-in-lieu of foreclosure. or who declared bankruptcy may be able to get a new loan for a home if they are back to work and can document the extenuating circumstances.

Home Affordable Unemployment Program (UP)

The Home Affordable Unemployment Program reduces or suspends mortgage payments for 12 months or more for homeowners who are unemployed. If you qualify, your mortgage payments may be reduced to 31% of your income or fully suspended.

Principal Reduction Alternative (PRA)

The Principal Reduction Alternative encourages your mortgage lender to reduce the amount of principal you owe. Currently there are over 100 loan servicers participating in this program.

FHA Home Affordable Modification Program (FHA-HAMP)

The Home Affordable Modification Program, or HAMP, has helped many homeowners lower their payments and save their homes from foreclosure. The Federal Housing Administration has a HAMP program targeted specifically for the loans they insure.

The Home Affordable Foreclosure Alternatives (HAFA) Program

The Home Affordable Foreclosure Alternatives (HAFA) program is for borrowers who, although eligible for the government Home Affordable Modification Program (HAMP), are not able to secure a permanent loan modification or cannot avoid foreclosure. HAFA provides protection and money to eligible borrowers who decide to do a Short Sale or a Deed-in-Lieu of Foreclosure.

Second Lien Modification Program (2MP)

The Second Lien Modification Program helps homeowners with a second mortgage on their home. This applies to properties where the first mortgage was modified under the Home Affordable Modification Program (HAMP).

Additional Mortgage Relief Resources

Associations