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Loan type. Minimum credit score. Conventional loans. 620. FHA loans. 580 with 3.5% down payment, 500 with 10% down payment. VA loans. No minimum requirement, but generally 620
Reverse mortgage: A reverse mortgage is a loan taken out against your current home, in which a lender pays you monthly installments; these must be repaid, or the home surrendered to the lender ...
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.
Refinance into the same type government-backed mortgage: The streamlined refinance programs don’t let you switch to a different type of government-backed loan or a conventional, non-government ...
FHA loans: Matt Dunbar, senior vice president of the southeast region at Churchill Mortgage, says that FHA loans often see higher denial rates to more comprehensive evaluations of a borrower’s ...
Cash-out refinance: Cash-out refinancing, like a home equity loan, lets you turn your home equity into cash you can use for other purposes. However, instead of multiple loan payments, you ...
If you’re shopping for a $400,000 home, how much you’ll pay each month depends on more than your interest rate, including your credit score and the length of your mortgage term, frequency of ...
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