Fannie Mae also requires a minimum LTV ratio of You can have a minimum LTV as low as If your loan application can be underwritten electronically as in most cases , you may be eligible for an appraisal waiver.
Otherwise, an appraisal with an interior and exterior inspection is required. If an appraisal is obtained, it must be used for valuation even if a waiver is offered by DU. These programs are available from mortgage lenders nationwide. But these measures only provide temporary payment relief. However, mortgage lenders are allowed to impose their own credit minimums. Mortgage rates are still at historic lows, and refinancing can help borrowers lock in a lower rate and monthly payment for the long run.
Some Washington home owners are not waiting until next month to refinance. You may not have to wait either! If we do not receive an response from Fannie or Freddie with an appraisal waiver, we can work on improving your credit or savings while we wait for the next expanded guidelines next month.
If your home is located in Washington state, I'm happy to review your scenario. For your HARP rate quote, click here. For more information about HARP 2. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP.
You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www. Notify me of follow-up comments by email.
If you want to make it easier, Glick suggests finding a mortgage broker who is familiar with your particular situation. Ask a trusted friend, family member, or real estate professional if they have any brokers they can recommend. Also make sure to interview more than one to find the right fit. Glick said you'll know you've found a good broker when the person starts asking lots of questions about your loan.
So if a broker doesn't know enough to understand the questions she needs to ask, it's time to move on. Understand that because you're going into a HARP refinance, you won't get the kind of interest rates you're hearing about, like year fixed-rate loans at 3. HARP loan rates this month are generally over 4 percent. If you feel that you were wrongly foreclosed on or received a foreclosure notice in error, go to IndependentForeclosureReview.
If you're a homeowner and have questions about whether you qualify for a loan modification or refinancing under HARP 2. Ilyce R. Glink is an award-winning, nationally-syndicated columnist, best-selling book author and founder of Best Money Moves , an employee benefit program that helps reduce financial stress. She also owns ThinkGlink.
For borrowers at the time, it was best to shop around until you found a lender with rates and terms that you were comfortable with. HARP 3. It could also have lowered fees and allowed borrowers to refinance through HARP more than once. Some lawmakers and politicians, including former President Barack Obama, argue that such a program could save borrowers thousands of dollars.
The program unfortunately expired on Dec. For more information, you can visit harp. These professionals can not only help you in the short-term, but they can also aid you with your long-term financial goals.
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