Search results
Results from the WOW.Com Content Network
Whether or not a loan is conforming depends on the size and set of guidelines which are implemented in an automated underwriting system. [1] Non-conforming mortgage loans which cannot be sold to Fannie or Freddie are either "jumbo" or "subprime", and can also be packaged into mortgage-backed securities. Some companies, called correspondent ...
The initial loan is usually made in the name of the correspondent lender, and then after closing, the loan is either sold to a larger primary lender or on the secondary mortgage market. [2] Many smaller credit unions make home loans as correspondents, selling the loan once the mortgage is complete. Some banks act like as correspondents, making ...
FHA streamline eligibility guidelines. The FHA streamline refinance program has more relaxed lending guidelines than traditional refinances when it comes to an appraisal, credit check and income ...
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.
Government-backed loans, like FHA, VA and USDA loans You can get a conventional loan for as little as 3 percent down, but you’ll need to pay for private mortgage insurance (PMI) with a down ...
If refinancing your FHA loan to a conventional loan isn’t right for you, you can still take advantage of lower interest rates by doing an FHA streamline refinance. This program offers a faster ...
The up front mortgage insurance premium or UFMIP the FHA charges is due at closing. The FHA UFMIP is partially refunded if the borrower refinances through the FHA streamline refinance program. This can lead people to refinance with the FHA to avoid refinancing costs, though better deals may be available on the open market.
Conventional loan modification: If you have a conventional mortgage backed by Fannie Mae or Freddie Mac, you might be eligible for the Flex Modification program, which can reduce your monthly ...