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harp-loan
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harp-loan-program-
Congratulations!
On October 24, 2011 the Federal Housing Finance Agency (FHFA) broadcasted a series of changes to the previous Making Homes Affordable Refinance Program. These changes were made in the hopes of targeting even more homeowners that are currently underwater. The program changes were a collective effort between lenders, mortgage insurers, and industry participants under the FHFA's Direction. The goal is to offer more stability to Fannie Mae and Freddie Mac by offering refinancing opportunities to borrowers. This program like many others does have restrictions and will only benefit a select demographic. Fannie Mae and Freddie Mac thus far have assisted an estimated nine million families by offering a lower cost more maintainable mortgage product. The proposed changes are aimed to open doors for many more homeowners. If you were unable to obtain a traditional refinance because the value of your home has dropped, you may be eligible for HARP. The HARP loan is a new loan that will involve a loan application followed by the underwriting process.
HARP is a more cost effective program for both the borrower and the lender. This program offers fewer restrictions and simplifies the process to encourage participation. In some cases, an appraisal is not even required. Only those borrowers with active employment will be considered. Homeowners that have already participated in a HARP program are not eligible.
Industry participation in HARP is not mandatory; eligibility will vary between lenders, mortgage insurance companies, and other market participants. Borrowers should make direct contact with their mortgage company regarding their participation in HARP.
Eligibility:
-Your existing mortgage must have been sold to Fannie Mae or Freddie Mac before May 31, 2009 and remain in their possession. To determine if your loan is Fannie Mae or Freddie Mac, please visit:
or
-You must have a 1-4 unit home as your primary residence.
-You must be current on your mortgage payments with no late payments in the last 6 months and no more than 1 late payment in the past year.
-You must have a home that has dropped in value
-The current loan-to-value ratios need to exceed 80%
Proposed Changes with HARP Include:
-Prolonging the ending date of HARP until December 31, 2013
-Eliminating the necessity of a new property appraisal when there is a sufficient and reliable AVM.
-Eliminating the 125% LTV ceiling for fixed rate mortgages which was required by Fannie Mae & Freddie Mac.
-Removing certain risk based fees for borrowers who refinance into shorter term mortgages and dropping fees for other borrowers.
-Waiving particular representations and warranties that lending institutions commit to in generating loans owned and guaranteed by Fannie Mae & Freddie Mac.
HARP is a fantastic program for select homeowners. For more information, please feel free to call Fannie Mae or Freddie Mac Directly at:
Toll Free - (800) 7fannie
Toll Free - (800) Freddie, Option 2
Disclaimer - This information is deemed reliable but is not guaranteed.
Home Affordable Refinance Program (More)
The Obama government understands that the home-owning people of the country are facing a crisis. Therefore, they are offering a mortgage help from government to one and all to overcome foreclosure blues. This would allow them to retain their homes and help them in their struggle to pay their loans. This government program is called Making Home Affordable. It aims at helping home owners modify their loan structure in a feasible manner to assure that they continue to possess their homes.
The recession had brought down many companies and had resulted in people losing their jobs. This had led to many home owners fearing that the homes that they have paid for so long would be foreclosed for non-payment of dues on time. This is where the Home Affordable Refinance Program (HARP) and Home Affordable Modification Program (HAMP) come into effect. These programs are basically mortgage help to the home owners to modify and refinance their loan in a manner to make it more affordable. These mortgage help from government programs are described here.
The Home Affordable Refinance Program
The Home Affordable Refinance Program or HARP as it is known is a mortgage help from government. It is designed with an aim to help all the creditworthy home owners who have been committed in paying all their mortgages on their home. HARP aims to help them refinance their mortgage to make their loan affordable. There are some eligibility criteria to be fulfilled to be eligible for this program. The following are the eligibility criteria for HARP:
* The home that you have taken on a loan has to be the primary residence.
* It can be a maximum of a four-unit premise.
* The loan that you have taken must be conforming and guaranteed by Fanny Mae or Freddie Mac (both are government-sponsored institutions).
* The EMI must have been paid regularly and has to be up-to-date.
* The mortgage taken in the beginning should not be more than 125 percent of the current market value of the home against which the loan has been taken.
* The final check is that the buyer must be able to pay the refinanced mortgage loan without hassles.
Home Affordable Modification Program (HAMP)
This mortgage help from government program aims at helping the eligible home owners to modify the mortgages they have taken and try to make them affordable to pay.
The program is primarily meant to take care of those people who have been affected by the recession in some manner. For example, their income has reduced or some other issues, which have increased their expenses so much that paying their EMIs has become a problem. The eligibility criteria for HAMP are as follows:
* The home that you have taken on a loan has to be the primary residence.
* The loan must have started before January 1, 2009.
* The initial loan taken should be less than certain amounts (specified in the website mentioned) for different sizes of house (in units).
* The EMI payment being made should be more than 31 percent of the total family.
Home Affordable Refinance Program (More)
Healthcare is one of the important things an individual should have. With the high costs of hospitalization and medical procedures nowadays, having this is a really big help if the need arises. Some governments have healthcare programs wherein a monthly contribution from an employed individual is required and when a medical need arises, a certain percentage of the bill will be handled by the program. Most companies also have compulsory health insurance for their employees and a certain percentage of the total cost of the insurance package is being shouldered by the company and the rest is being deducted from the salary of the employee. One would ask, what if the individual who is working does not have a health insurance and the government does not also have this specific program? The answer to this is the medical loan.
Medical loans are loans that can be availed by anyone for the specific use of medical procedures. This loan can be used for different medical purposes such as cosmetic surgeries, dental surgeries, medical surgeries and it can also be used for the payment of hospitalization bills. There are cases too that the health insurance program of an individual does not cover certain medical procedures such as cosmetic surgeries; this loan can be used to cover the costs of medical procedures that are not covered in the standard health care products.
A lot of financial and lending firms are offering this kind of loan product. One can even apply for this loan through the internet and the waiting period for the approval is very short. Most lending firms who offer this kind of product do not require a down payment and the amount that can be borrowed ranges from a few thousand dollars up to $100,000. On the topic of repayment for this loan, the interest rates are kept at a minimum especially if the individual has a good credit standing. Some lending firms even offer zero percent interest rates from 6 to 10 months. As for the repayment period, the loan can be paid back within 6 months up to 24 months. Other firms even offer extension programs which lasts up to 48 months, which is of course depends on the credit standing of the borrower.
From the above descriptions about medical loans, it can be safely assumed that a medical loan can be a good backup for individuals whose health insurances do not cover certain medical procedures. To some individuals who are in need of an immediate financial assistance because of medical reasons, this loan can be accessed and the amount that can be borrowed can be negotiated. Indeed, this product can work at par with the standard health insurances.
The main points of a medical loans are:
Can be used as a back up or an overlapping financial resource when the need for medical procedures arises.
Can be used by individuals who have health insurances and also by people who do not have such benefits.
Amounts that can be loaned ranges from a few thousand dollars up to $100,000 and from which the repayment period ranges from 6 months to 4 years.
The interest rates are kept at a minimum and some lending firms are even offering a 0% interest programs.
Home Affordable Refinance Program (More)
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