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Hold a government-back mortgage: In addition to FHA-backed loans, mortgages backed by the U.S. Department of Agriculture’s (USDA) or the Department of Veterans Affairs (VA) also qualify.
First-time buyer loans typically have more flexible requirements, such as a lower down payment and credit score. ... refinance or pay off your first mortgage. ... Government-backed mortgage loans.
If you're considering refinancing your government-backed or conventional mortgage, a government-backed refinance could be a good choice. These loans, guaranteed by agencies like the FHA, VA and ...
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
Streamline refinancing reuses the original paperwork from a home loan, allowing someone to refinance the property before private mortgage insurance or insurance rates rise. The FHA streamline refinancing program requires no repairs be made to the property except for the removal of lead-based paint. [6]
An FHA streamline refinance is a type of refinance loan available to FHA loan borrowers. As with any refinance, it involves taking out a new mortgage that you use to pay off your current one.It ...
This government-backed loan program is a popular choice for first-time borrowers because you don’t need a big down payment or high credit score to qualify. Plus, you can receive up to 6% in ...
FHA streamline refinance: Borrowers who have an FHA loan and are looking to do an FHA streamline refinance are required to wait 210 days (seven months) from the closing date of the first mortgage ...
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