The days of no income verification loans and other various programs that existed a decade ago, will not soon return. However, we are seeing easing of certain lending standards.
This includes new calculations for student loan payments, expanded low down payment home loan options and the two items this article will address: increased debt ratios and appraisal waivers.
Increased Debt Ratios For a number of years, Fannie Mae’s maximum debt to income ratio was 45%, but that number is now 50%.
As we have detailed in recent weeks, the HARP refinance program has now been expanded to allow more homeowners the option to refinance and take advantage of historically low interest rates. The program is a government backed initiative to allow borrowers who could previously not refinance, due to lack of equity or being upside down in their homes, to now do so.
HARP 2.0 is available to borrowers who have loans that are owned by Fannie Mae and Freddie Mac, with no restrictions on value. In other words, the current appraised value of your home will not disqualify … (0 comments)
As we have written about recently, the HARP refinance program is set to expire at the end of this year (December 31, 2015). The program is a government backed initiative to allow borrowers who could previously not refinance, due to lack of equity or being upside down in their homes, to now do so. In addition, the program also can help homeowners who have had a recent major credit issue to refinance as well, as a foreclosure or short sale on another property will not prevent you from refinancing through HARP. If you took out your current loan prior … (0 comments)
When looking into refinancing your home mortgage, most homeowners assume that they will need to have an appraisal completed on their property.
However, that is not always the case, as all three major loan programs: Conventional, FHA and VA loans, have option to refinance with reduced appraisal requirements. Below we explain these reduced requirements for each program.
FHA Loans: If you have an FHA mortgage and you want to refinance without pulling any equity out of your home, you can refinance your home through an FHA streamline refinance and you do not need a new home … (1 comments)
appraisal waiver: HARP Refinance Program – extended until 2015
- 04/15/13 03:05 AM
As we have discussed over the past few years, the HARP refinance program is a rare Government sponsored program, in that it actually has helped many homeowners in refinancing their homes. For those who are upside down in their homes, it has allowed them to refinance into a new conventional loan without an appraisal in most cases and even for those with some equity in their homes, it can be an option as well (as we covered in a recent article). The program was set to expire on December 31, 2013. However, on April 12, 2013, an announcement was made by … (1 comments)
appraisal waiver: HARP Refinances - For Homeowners Who Equity In Their Homes
- 03/26/13 08:27 AM
The HARP refinance program a is a great option for homeowners who are upside down to refinance and take advantage of today's historically low interest rates. However, for homeowners who are not upside down on their homes, the HARP program also can offer benefits as well, that a conventional home loan refinance may not.
Benefit #1- Appraisal Waivers: Traditionally, when refinancing a conventional loan, you needed to have an appraisal done on your home. In today's market, this is an added expense and hassle in the refinance process and often times the numbers on appraisals are very conservative. Even if … (0 comments)
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