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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.
These programs are transforming the way homeowners with certain government mortgage loans—like a Federal Housing Administration (FHA) mortgage—get financial relief, including people who ...
Down payment assistance (DPA) programs: Loans, ... Federal first-time homebuyer programs Government-backed mortgage loans. The Federal Housing Administration (FHA), Department of Veterans Affairs ...
Mortgage Help Network. The Fannie Mae Mortgage Help Network is free for homeowners who are experiencing financial challenges or who have been impacted by disaster. The program provides free ...
FHA also was tasked with chartering and regulating a national mortgage association that would buy and sell FHA-insured mortgages. In 1938, Congress amended the act to create the Federal National Mortgage Association, more commonly known as "Fannie Mae", to help mortgage lenders gain further access to capital for mortgage loans.
The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP [10] is part of the Making Home Affordable program (MHA), [11] established in concert with the Hardest Hit Fund program (HHF) [12] under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. [13]
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 ...
While a few programs exist at the federal level and even with some individual mortgage lenders, most down payment help is offered at the local level through state, county and city government programs.
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