HARP And FHA Streamline Refinance Loans
If you have a home whose value is lower than your mortgage balance amount, you may be eligible for a HARP. Home Affordable Refinance Program, streamline refinance loan to lower your current interest rate and lower your payments. If you have a FHA insured mortgage loan with a higher interest rate, you may be eligible for a FHA streamlne refinance loan with a lower interest rate where you can lower your monthly payment. Both the HARP and FHA streamline refinance programs can offer great valuable benefits to the homeowner such as reducing the borrower’s monthly payments and saving them money by rapidly increasing their equity in their homes. HARP and FHA streamline refinance loans are a great route to take for homeowners who have higher interest rates.
HARP: Home Affordable Refinance Program
HARP, The Home Affordable Refinance Program, has been a Godsend for homeowners who have fallen victims of the real estate market crash of 2008. HARP and FHA Streamline Refinance programs are somewhat similar, except with HARP, this loan program helps homeowners who have mortgage loans that have a balance that is higher than the value of their home. The commonly used term for a home that has a higher mortgage balance than the market value is known as having a home that is UNDERWATER. Homeowners with homes underwater would not have the opportunity to refinance their home loans if it were not for the HARP program. The Home Affordable Refinance Program now makes homeowners who have underwater mortgage loans that are owned and/or serviced by Freddie Mac and/or Fannie Mae possible to do a HARP and FHA Streamline Refinance. Main purpose to refinance underwater mortgage loans is to save money by taking advantage of lower interest rates, thus, reducing their monthly mortgage payment.
HARP And FHA Streamline: FHA Streamline Refinance Loans
FHA Streamline Refinance Loans makes it possible for homeowners to refinance their current mortgage loans with short cuts so they are able to close on their FHA Streamline Refinance loans with less documentation which makes the mortgage loan approval process much quicker. FHA Streamline Refinance mortgage loan borrowers do not need to provide income verification, employment verification, credit scores, or a current appraisal on their home. To qualify for both the HARP and FHA Streamline Refinance Loans, mortgage lenders require that you cannot have more than one 30 day late mortgage payment history and need to be current for the past six month. HARP and FHA Streamline refinance loans are similar with the exception that with HARP, the borrowers need to owe more on their mortgage balance and if the borrower had a prior HARP refinance loan, they will not qualify for another HARP mortgage loan.
FHA Streamline Refinance Mortgage
A mortgage borrower can do either a conventional or FHA streamline refinance loan with HARP as long as the mortgage loan is owned and/or serviced by Fannie Mae or Freddie Mac. To qualify for a FHA Streamline Refinance Loan, the borrower needs to currently have an existing FHA insured mortgage loan in order to qualify. If you are interested if a HARP and FHA Streamline Refinance loan in Illinois, Florida, Wisconsin, California, or Indiana, please contact me at 262-716-8151 or at www.gustancho.com .