Wednesday, August 20, 2014

4 Mortgage Programs You Should Know About

4 Mortgage Programs You Should Know About

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1. FHA Loans

2. VA Loans

The Home Affordable Refinance Program, or HARP, is intended to help people afford to stay in their homes. Even if you haven’t fallen behind on payments, this program can offer help to those who have seen their home’s value fall below what they owe. The eligibility process to participate in a HARP program includes proving you have a reasonable ability to pay your new mortgage if you go through with refinancing. To qualify, you must have a loan owned or guaranteed by Fannie Mae or Freddie Mac, have a good payment history in the past 12 months, be current on your mortgage at the time of refinancing, and have a loan-to-value ratio of 80% or more on your home. Your loan may be subject to fees or points quoted by the lender and will reflect the market rates at the time of your refinance.

4. EEM

Joel Lobb (NMLS#57916)

Senior  Loan Officer

American Mortgage Solutions, Inc.
 Company ID #1364 | MB73346