While borrowers still have to document income, assets and debt, lenders are starting to loosen loan guidelines. You or someone you know may benefit from the following loan types:
· 3% Downpayment Conventional
· 5% Downpayment Conventional/No Mortgage Insurance
For savvy borrowers who are certain they will only be in a home for a finite number of years, an adjustable rate mortgage or ARM may be a great option with interest rates well below 30-year fixed rates.
Home Affordable Refinance Program (HARP)
HARP is designed to help borrowers who may be ineligible for traditional refinancing due to loss of home value or because they have little (or no) equity. Like other refinancing options, with HARP a borrower may receive a completely new mortgage with new terms, interest rates and monthly payments. The new loan completely replaces the existing mortgage and may lower payment, which could help improve a borrower’s financial situation.
For complete details on HARB eligibility and requirements, visit http://makinghomeaffordable.gov
Want expert guidance on home financing options? Call (866) 766.7325
Posted: April 6th, 2012 by Brad
