I've personally sought out and forged agreements with a select group of Lenders, Investors, and government agencies in order to bring the following programs to you. They don't include every refinance product we offer, but I've hand picked these to showcase because they include some of the most aggressive features and liberal approval guidelines currently available, and at some of the lowest rates offered anywhere! Together these programs make up what I feel is the best refinance product mix offered anywhere.
MAKING HOME AFFORDABLE REFINANCE
The Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.
The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments - EVEN IF YOU OWE MORE ON THE HOME THAN IT WOULD CURRENTLY APPRAISE FOR! The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures. SECOND HOME AND INVESTMENT PROPERTIES ARE ALSO ELIGIBLE!
VA INTEREST RATE REDUCTION REFINANCE LOAN (IRRRL)
No appraisal or credit underwriting package is required by VA. You should be aware, however, that lenders may require an appraisal and credit report anyway.
A certificate of eligibility is not required. Your lender may use an e-mail confirmation procedure for interest rate reduction refinance in lieu of a certificate of eligibility.
An IRRRL may be done with "no money out of pocket" by including all costs in the new loan or by making the new loan at an interest rate high enough to enable the lender to pay the costs. (Remember: The interest rate on the new loan must be lower than the rate on the old loan unless you refinance an ARM to a fixed rate mortgage).
No lender is required to make you an IRRRL, however, any lender or broker of your choice may process your application for an IRRRL, you do not have to go to the lender you make your payments to now or to the lender from whom you originally obtained your VA Loan.
FHA STREAMLINE REFINANCE
FHA has permitted streamline refinances on insured mortgages since the early 1980's. The "streamline" refers only to the amount of documentation and underwriting that needs to be performed by the lender, and does not mean that there are no costs involved in the transaction. The basic requirements of a streamline refinance are:
The mortgage to be refinanced must already be FHA insured.
The mortgage to be refinanced should be current (not delinquent).
The refinance is to result in a lowering of the borrower's monthly principal and interest payments.
No cash may be taken out on mortgages refinanced using the streamline refinance process.
Lenders may offer streamline refinances in several ways. Some lenders offer "no cost" refinances (actually, no out-of-pocket expenses to the borrower) by charging a higher rate of interest on the new loan than if the borrower financed or paid the closing costs in cash. From this premium, the lender pays any closing costs that are incurred on the transaction.
Lenders may offer streamline refinances and include the closing costs into the new mortgage amount. This can only be done if there is sufficient equity in the property, as determined by an appraisal. Streamline refinances can also be done without appraisals, but the new loan amount cannot exceed the original loan amount.
100% LTV USDA RURAL HOUSING PROGRAM
The USDA Direct Mortgage Loan Program is a federal program offered through the United States Department of Agriculture. Rural Housing through the USDA program provides a number of homeownership opportunities to rural Americans, as well as programs for home renovation and repair. This is an excellent product and benefit for those individuals that qualify. Rural Housing also offers 100% financing opportunities for those who qualify.
Rural Housing loans are now easier to qualify and are a financially secure option for home financing regardless of your situation.
There are several advantages to using USDA ’s Home Loan Program.
•100% Financing
•No Monthly Mortgage Insurance(MI)
•Low Mortgage Interest Rates
•Low Closing Costs
•Zero Down Payment.
•Easy Credit Qualifying
•Never a Pre-payment Penalty
JUMBO LOANS
A jumbo mortgage is a mortgage with a loan amount above conventional conforming loan limits, which for 2010 is $417,000. This standard is set by the two government-sponsored enterprises Fannie Mae and Freddie Mac, and sets the limit on the maximum value of any individual mortgage they will purchase from a lender. Fannie Mae (FNMA) and Freddie Mac (FHLMC) are large agencies that purchase the bulk of U.S. residential mortgages from banks and other lenders, allowing them to free up liquidity to lend more mortgages. When FNMA and FHLMC limits don't cover the full loan amount, the loan is referred to as a "jumbo mortgage". The average interest rates on jumbo mortgages are typically higher than for conforming mortgages, HOWEVER, WE'VE BEEN ABLE TO SECURE AN AGREEMENT WITH ONE OF THE LOWEST PRICED JUMBO INVESTORS IN THE MARKET for the benefit of our clients.