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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 ...
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 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.
The FHA streamline refinance program makes it easier and cheaper for borrowers who have a Federal Housing Administration-insured mortgage to refinance their loans at lower rates. FHA streamline ...
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]
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 ...
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