refinance program for underwater mortgages

. Affordable Refinance Program (HARP), more and more homeowners who are underwater have the choice to refinance and stay in their homes. You’ll need to meet certain criteria to qualify for a HARP.

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An underwater mortgage can drag you down. Learn how to refinance and why now is a great time to contact a lender – even if you were previously denied.

Get up to 5 Offers at LendingTree.com to see how much you can afford. In May 2010, the Department of Housing and Urban Development (HUD) announced changes to the FHA home loan program that would make refinancing possible for underwater homeowners. This new refinance options should be available.

Details of a new program designed to help underwater homeowners refinance into an FHA mortgage have been released by the U.S. Department of Housing and Urban Development.. The new program, called FHA Short Refinance, will be available for homeowners who are current on their mortgage payments and owe more than their property is currently worth.

Your second option is to refinance through a government-backed homeowner program – the Home Affordable Refinance Program. Through HARP you can refinance your underwater Fannie Mae or Freddie Mac mortgage and lower your payments, providing you meet certain criteria. For example, you must be current on your mortgage payments and have a loan to.

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Rising mortgage rates in the previous months resulted in a decrease. Of these loans, 1,390 loans were refinanced through the Home Affordable Refinance Program (HARP) during the quarter. It also.

Providence, RI – RIHousing has launched its “RI-Refi” program, which helps homeowners who are “underwater,” or owe more than the current.

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New Government Refinance and Home Purchase Programs Now Available [Update – The Fed has been compressing mortgage interest rates on Fannie Mae, Freddie Mac, FHA, VA, and USDA mortgages for some time now.Due to those efforts and other market factors, interest rates most 15-30 year fixed government-backed mortgages remain quite low by historical standards.

The borrower must be current on the mortgage at the time of the refinance, with a good payment history in the past 12 months; Owe more than your Home is Worth? The FHA Short Refinance program is for those are not behind on their payments but who are underwater on their home.

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