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New York: The State of New York Mortgage Agency offers low-interest mortgage loans to qualified first-time buyers. Tennessee: The New Start Loan Program helps very-low-income and low-income ...
Government-backed mortgage loans. The Federal Housing Administration (FHA), Department of Veterans Affairs (VA) and Department of Agriculture (USDA) back mortgage programs that are often an option ...
The Flex Modification program is a conventional loan modification program designed to help homeowners who are experiencing long-term or permanent financial hardship. Using this program can help ...
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.
Arguably, the most widely known type of government-backed loan is the US Federal Housing Administration FHA loan, in existence since 1934. Other types of government-backed loans include the following: American Dream Downpayment Initiative - ADDI; Good Neighbor Next Door; HOPE VI; Teacher Next Door Program; VA loan; State of New York Mortgage ...
The United States Housing and Economic Recovery Act of 2008 (commonly referred to as HERA) was designed primarily to address the subprime mortgage crisis.It authorized the Federal Housing Administration to guarantee up to $300 billion in new 30-year fixed rate mortgages for subprime borrowers if lenders wrote down principal loan balances to 90 percent of current appraisal value.
Mortgage loan financing relies more on secondary mortgage markets and less on formal government guarantees backed by covered bonds and deposits. [8] [9] Prepayment penalties are discouraged by underwriting requirements of large organizations such as Fannie Mae and Freddie Mac. [8] Mortgages loans are often nonrecourse debt, unlike most of the ...
USDA loan modification: With a USDA loan, you can modify your mortgage with an extended term of up to 40 years, reduce the interest rate and receive a “mortgage recovery advance,” a one-time ...