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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
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 ...
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 ...
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.
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.
Streamline refi options are only available for government-backed loans. You could still refinance a conventional mortgage, and might benefit from a lower interest rate and changing your loan’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 ...
Refinancing – If you’ve yet to pay off your mortgage, refinancing to a new, shorter loan could help lower your monthly payments, especially if you can get a lower interest rate on top of the ...