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Rural USDA Home Loan, Rural Housing Loan Service Center for USDA guaranteed home loan purchase and, usda loan program.#Usda #loan #program


Rural Housing Service Center

USDA Approved Lender

Government Program Specialists

RANLIfe Financial Center

RURAL LOAN PROGRAMS

FILE LOOKUP

Usda loan program Refinance

Usda loan program

RANLife is a USDA, FHA, VA FNMA and FHLMC approved lender.

RANLife is not affiliated with USDA or any other government entity.

Usda loan program

Usda loan program

RANLife Rural Housing Loan Service Center

The USDA Guaranteed Loan Program is a federal program offered through the United States Department of Agriculture. Rural Housing through the USDA program provides a number of homeownership opportunities to rural Americans, as well as programs for home renovation and repair. This is an excellent product and benefit for those individuals that qualify. Rural Housing also offers 100% financing opportunities for those who qualify.

Rural Housing loans are now easier to qualify and are a financially secure option for home financing regardless of your situation.

Usda loan program

Common USDA Qustions

  • Does an USDA Home Loan have mortgage insurance?
  • How much can I borrow on a USDA Loan?
  • How can I determine if I qualify for a USDA Home Loan?
  • What are my USDA refinancing options?

MORE

**NOTICE A70: RANLife Home Loans is funding the USDA Pilot Program. This program allows you to skip a mortgage payment, lower your interest rate by more than a percentage point, and you don’t have to get a home appraisal. Call a representative to see if you qualify 800.461.4152.**

Usda loan program

There are several advantages to using USDA’s Home Loan Program.

  • USDA 100% Financing
  • Low Monthly Mortgage Insurance(MI)with a USDA loan
  • Low USDA Mortgage Interest Rates
  • USDA Low Closing Costs
  • USDA Zero Down Payment.
  • Easy Credit Qualifying with USDA
  • Never a Pre-payment Penalty with USDA

Thinking of Buying a Rural Home?

Did You Know?

Did you know that even with the advent of a low monthly mip premium usda payments are still significantly lower than an FHA loan that has a minimum of a 3.5% down payment?

USDA Rural Home Purchase?

Whether you are buying your first home or looking to move up the USDA Home Loan Purchase Program is one of the best purchase programs available today for our rural communities. Click on the USDA Purchase Application to see if you qualify.

USDA Rural Home Refinance?

If you bought your home through a USDA home purchase program then you are eligible for a USDA home streamline refinance. Call a program representative at 800.461.4152, or fill out the quick online refinance application on the left, to see if you home qualifies.

**NOTICE B68: RANLife Home Loans is still funding USDA Home Purchase Loans. Call a representative to see if you qualify 800.461.4152.**2.07.2013

**NOTICE C68: RANLife Home Loans continues to lock USDA Refinance Loans. Call a representative to see if you qualify 800.461.4152.**2.07.2013

**NOTICE B43: RANLife Home Loans still allows the funding of a USDA renovation loan. Call a representative to see if you qualify 800.461.4152.**02.09.2012

**NOTICE B41: Major Lenders will stop funding USDA Loans over the next few of months. RANLife Rural Home Loan will continue to fund USDA Home Loans. In 2010 most lenders stopped funding USDA Loans during October, November and December. In 2010 RANLife never stopped funding its USDA Loan Program. Call a representative to see if you qualify 800.461.4152.12.1.11**

*NOTICE C10: USDA Monthly MIP. If you don’t have a conditional commitment from USDA by 9/30/2011 you will be forced to have monthly mortgage insurance on your USDA Loan. RANLife can close your home purchase loan fast. Call a RANLife Rural Home Loans representative to get your USDA loan expedited today.7.1.11**

**NOTICE A40: USDA will be changing its USDA eligible areas based on the new 2010 census bureau. Does your area now qualify? Is your area going to be discontinued from the USDA guarantee? Call a RANLife Rural Home Loans representative to see if your area will still qualify.1.11**

**NOTICE A30: RANLife Rural Home Loans is now offering a USDA Renovation Loan. Now you can obtain financing and include home improvements into one USDA Home Loan.**

**NOTICE A20.1: As the mortgage lending industry continues to stop and start USDA funding RANLife Rural Home Loans has maintained funding for USDA Rural Housing Purchase Loans throughout the entire year of 2010 and is committed to providing USDA home loan funding throughout 2011.**

**NOTICE B40: RANLife Rural Home loans has continued to fund the refinancing of USDA Home Loans. Call a representative to see if you qualify 800.461.4152.**


USDA Home Loans from the Specialists at, usda loan program.#Usda #loan #program


Start Your Quote for a USDA Loan

Usda loan program

Low Rates & $0 Down

Usda loan program

Usda loan program

Better Terms than FHA

Usda loan program

Not a Farmer’s Loan

What is a USDA Home Loan ?

The USDA Loan is a home-mortgage option available to rural and suburban homebuyers. USDA Home Loans are issued by qualified lenders and guaranteed by the United States Department of Agriculture (USDA)

USDA Home Loans, also referred to as the USDA Rural Development Guaranteed Housing Loan and the Section 502 Guaranteed Loan , are particularly favorable to those living in rural or low-income areas. USDA Loan offer $0 money down, lenient eligibility requirements and competitive interest rates – due to the loan being guaranteed by the USDA.

USDA mortgages stand alone as the only mainstream zero money down program available to borrowers that have not served in the military. Eligible borrowers will be hard pressed to find a home loan program that offers more favorable terms.

$0 Down, 100% Financing

USDA Loans are one of the last $0 down mortgages with 100 percent financing, resulting in low out-of-pocket costs and one of the most desirable loan programs.

More Homes Now Qualify

The USDA’s definition of “rural” is largely liberal – meaning many in small towns, suburbs and exurbs of major U.S. cities meet the “rural” requirement.

Lenient Requirements

The USDA has desinged the USDA Loan to provide homebuyers with lenient eligibility requirements that help low to moderate income families purchase a home.

Competitive Rates

USDA mortgage rates are often lower than comparable conventional 30-year fixed mortgage rates resulting in a better deal as compared to FHA or conventional loans.

USDALoans.com is featured in

Usda loan program

Basic Eligibility Requirements

  • Homebuyers should show intent to repay the loan
  • Homes purchased with a USDA Loan must be used as the primary residence
  • Credit history should be in good standing
  • Homebuyers should show a history of receiving stable income

USDA Loan Eligibility

USDA Loans used to be considered “farmers loans” but that is simply not the case anymore. Just about anyone looking to purchase a home outside a major metropolitan area can qualify for a USDA Loan.

Some of the eligibility standards that determine if you qualify for a USDA loan for your home include what county and zip code the home resides in, your current income and credit history, as well as the number of dependents you can claim. Because these guidelines are very specific, it is important to work with a company that has experience dealing with USDA government financing to help determine your eligibility.

Frequently Asked USDA Loan Questions

We’ve helped thousands of families learn about the USDA Home Loan process and have seen our fair share of questions along the way. We have listed a few of the most common below; however, if your question isn’t answered, please contact us at 877-701-8732.

Every homebuyer interested in a USDA Loan should speak with an approved USDA Home Loan lender to determine if they qualify. To do this, fill out the form above or call 877-701-8732 and speak with a USDA Loan specialist.

The USDA started this program to help those in rural areas achieve affordable home financing. With this being the case, the USDA wants to ensure those with the greatest need are served by limiting eligible properties to those that are located in rural, or suburban, communities. Additionally, the USDA Home Loan is only for primary residences – meaning rental properties and vacation homes are not eligible.

USDA Loans feature no down payment and lower mortgage insurance costs than both FHA and conventional options – saving homebuyers monthly, as well as out-of-pocket costs.

Using a USDA Loan?

About Us

USDALoans.com was established in 2008 with one goal in mind – make the public aware of the benefits and advantages of the USDA Loan program. USDALoans.com has been recognized as a top USDA Home Loan provider and serves potential homeowners across the nation interested in $0 down, 100 percent mortgage financing.

USDA Loan Overview

Get in Touch

1810 Watermill Dr. Brandon, FL 33511

USDALoans.com does NOT act as a lender, credit provider or mortgage broker and is not affiliated with any governmental agency. USDALoans.com is compensated to provide marketing services for a network of licensed mortgage lenders, brokers and mortgage loan originators. One or more of these Participating Lenders will contact you with additional information regarding your request. For a full list of Participating Lenders Click here. By submitting your information you have agreed that your information will be provided to a Participating Lender who will contact you, but does not mean you will qualify for a USDA loan. USDALoans.com will not accept charge or seek fees of any kind from you.

USDALoans.com does not distribute mortgage products and any terms or conditions will be offered by the USDALoans.com participating lender that you choose as a consumer. Please note that USDALoans.com is not available in Arizona, New York or Virginia or to borrowers in those states.

USDALoans.com participating lender for this search is Luxury Mortgage Corp. NMLS ID #2745. To view this participating lenders licensing click here.

For a full list of participating lenders click here.


Harp loan program, harp loan program.#Harp #loan #program


Questions and Answers

Your loan servicer is the financial institution that collects your monthly mortgage payments and has responsibility for the management and accounting of your loan. It is possible that the owner of your mortgage also services it, however many loans are owned by groups of investors and these investors hire loan servicers to interact with homeowners on their behalf. Many lenders also have the loan servicers handle all contact with homeowners.

You may be eligible if:

  1. The mortgage MUST be owned or guaranteed by Fannie Mae or Freddie Mac
  2. The mortgage MUST have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
  3. The mortgage CANNOT have been refinanced under HARP previously unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
  4. The borrower MUST be current on the mortgage at the time of the refinance, with no late payment in the past six months and no more than one late payment in the past 12 months.
  5. You have a reasonable ability to pay the new mortgage payments.
  6. The refinance improves the long term affordability or stability of your loan.

Both Fannie Mae and Freddie Mac have established toll-free telephone numbers and web submission processes to make this data available. Homeowners can enter information to determine if either agency owns or guaranteed the loan. This information is not a guarantee of eligibility for a refinance under HARP , as other qualifying criteria must also be met.

For Freddie Mac:

HARP is like any other mortgage where you may be required to pay certain costs for the application, processing, appraisal, title search and other necessary items to complete your refinance.

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There is no longer a maximum LTV limit for borrower eligibility. If the borrower refinances under HARP and their new loan has a fixed rate mortgage, there is no maximum LTV. If the borrower refinances under HARP and their new loan is an adjustable rate mortgage, their LTV may not be over 105%.

It’s as simple as clicking HERE. A HARP specialist will analyze the data as well as direct or guide you to all the benefits HARP has to offer. www.harpprogram.org has moments of higher than average volume. Please be patient and you will be helped as soon as possible. It will also speed up the process if you have the necessary documents ready for the HARP specialist. Generally, you will need the following:

  1. Your most recent income tax return
  2. Information about any junior lien mortgage on the house
  3. Account balances and minimum monthly payments due on all of your credit cards
  4. Account balances and monthly payments on all your other debts

No. The Home Affordable Refinance will not return cash to the borrower for the purpose of paying other debts.

The rate will be based on market rates in effect at the time of the refinance and the homeowner will be subject to any associated points and fees quoted by your lender. Interest rates may vary across lenders and over time as market rates adjust. The refinanced loans must have no prepayment penalties or balloon payments.

Yes, there is no longer a maximum LTV limit for borrower eligibility. Homeowners with more than one mortgage may be eligible for a refinance under HARP . Your eligibility will depend, in part, on two additional requirements:

  1. The lender that has your junior lien mortgage must agree to remain in a junior lien position.
  2. You must be able to demonstrate your ability to meet the new payment terms on the first lien mortgage.

No. Homeowners who are currently delinquent or have been more than 30 days overdue during the past 12 months generally will not qualify. Contact your servicer to see if a modification under the Home Affordable Modification Program is an option for you.

Borrowers who owe more on their mortgages than their homes are worth may be locked into their homes for years and have fewer financial options until they pay down the loan balance. A shorter term mortgage enables such borrowers to pay down the amount they owe much faster than a traditional 30-year mortgage. Furthermore, interest rates on shorter term mortgages usually are less than on thirty-year mortgages. The lower interest rate may provide borrowers the opportunity to shorten the term of their mortgages without much change in their monthly payments, and perhaps even a reduction in that payment. Such an outcome may strengthen the borrower’s financial condition and lower the credit risk for the servicer/lender that owns or guarantees the loan. A few examples illustrate how this works:

  1. Assume a homeowner currently has a mortgage on which he or she owes $200,000 and has an interest rate of 6.5 percent – a monthly payment of $1264. If the house is worth $160,000, the homeowner has a current loan-to-value (LTV) ratio of 125 percent.
  2. If this borrower refinanced into a 30-year fixed-rate mortgage with an interest rate of 4.5 percent, the monthly payment would decline to $1013. But, by refinancing into a 30-year loan, the borrower’s loan balance will not reach $160,000 for ten full years.
  3. If the borrower chose a 20-year loan term at a rate of 4.25 percent (mortgage rates tend to be less for shorter term mortgages), the monthly payment would be $1238 ($26 less than the borrower currently pays) and the borrower’s loan balance would reach $160,000 in five-and-one-half years.
  4. If this same borrower refinanced into a 15 year mortgage, assuming an interest rate of 3.75 percent, the monthly payment would be $1454 ($190 more than the current payment), but the loan balance would be below $160,000 in a bit more than three-and-one-half years.

Timing will vary by mortgage lender. Fannie Mae/Freddie Mac will be sending operational instructions to lenders by November 15th, 2011. Some lenders may be able to accommodate mortgage applications under some of the enhancements by December 1 while it could take other lenders additional time to incorporate the expanded program into their systems. In addition, some of the enhancements such as delivery of loans with LTV greater than 125 should be operational during the first quarter of 2012

We are further streamlining Fannie Mae/Freddie Mac’s existing use of AVM (automated valuation model) estimates of properties. Where there is a reliable AVM estimate of value provided by Fannie Mae/Freddie Mac, a new appraisal will not be needed. Where there is not a reliable AVM value, a new appraisal will be required.

Condominiums are already eligible under HARP and, under the enhanced program, condominiums that originally met Fannie Mae/Freddie Mac requirements remain eligible.

The program expires on December 31, 2016. Your refinance under HARP must have a mortgage note date on or before that date.

If your existing loan has private mortgage insurance, you will need the same amount of insurance coverage for a refinance under HARP . If your existing loan does not have private mortgage insurance, it will not be required as part of a refinance under HARP .

When you submit a loan application, your lender will give you a “Good Faith Estimate” and a “Truth in Lending Statement” that includes your new interest rate, mortgage payment, and the amount that you will pay over the life of the loan. Compare this to your current loan terms. If it is not an improvement, a refinancing may not be right for you.

No. The objective of a refinance under HARP is to help homeowners get into more stable or more affordable loans. Refinancing will not reduce the principal amount you owe to the first lien mortgage holder or any other debt you owe.

The objective of a refinance under HARP is to provide creditworthy homeowners who have shown a commitment to paying their mortgage the opportunity to get into a new mortgage with better terms.

Keep in mind that all servicers for loans owned or guaranteed by Fannie Mae and Freddie Mac are required to participate with respect to those loans but you are not obligated to your current servicer/lender. You can choose another servicer/lender.

Eligible homeowners who are current on their mortgages but have been unable to take advantage of today’s lower interest rates because their homes have decreased in value, may now have the opportunity to refinance. Through a refinance under HARP , Fannie Mae and Freddie Mac will allow the refinancing of mortgage loans that they own or that they guaranteed in mortgage backed securities.

All servicers for loans owned or guaranteed by Fannie Mae and Freddie Mac are required to participate. Additional servicers are strongly encouraged to participate.


How to Write a Hardship Letter for Mortgage Loan Modification, loan modification program.#Loan #modification #program


How to Write a Hardship Letter for Mortgage Loan Modification

A hardship letter is a key factor in getting approved for a loan modification program. If you can write a polite and accurate hardship letter, you may be able to convince your lender to give you another chance to repay your loan. However, writing such a letter can be intimidating for money borrowers, as they are unsure of what exactly to write and how much of their story to include. Lawyers can usually write one of these letters for you, but at too large a cost for a borrower experiencing financial hardship to afford. Luckily, writing your own hardship letter can be a simple process if you follow the steps below.

Steps Edit

Part One of Three:

Starting Your Letter Edit

Loan modification program

Loan modification program

Loan modification program

Loan modification program

Part Two of Three:

Explaining Your Hardship Edit

Loan modification program

Loan modification program

Loan modification program

Loan modification program

Loan modification program

Loan modification program

Loan modification program

Part Three of Three:

Perfecting the Letter Edit

Loan modification program

Loan modification program

Loan modification program

Loan modification program


VA, FHA & USDA Home Loan Programs, First Time Home Buyer Loans, usda loan program.#Usda #loan #program


America’s First Time Home Buyer Specialist

  1. Check out first time home buyer programs with zero to low down payment options.
  2. Get Pre-Approved for all the eligible loan options and get a pre-approval letter in your hand before you start house hunting.
  3. Request Pre-Screened Realtor in FirstHomeBuyers Network to assist you in your home search.
  4. Get contract on home and process your mortgage to obtain the final approval on your loan
  5. Close on your new home, get the keys, move in, order some pizza, kick off your shoes, and celebrate living the dream of being a homeowner!

You must start on the Road To HomeOwnership as early as possible because there are a lot of documents and information required to process a mortgage these days. There may be issues you need to address prior to buying a house and you need to give yourself plenty of time to financial ducks in a row to avoid major headaches later on. What are you waiting for? Live the dream now!

FirstHomeBuyers Program Advantage

We have over 25 years of experience helping first time home buyers achieve the dream of owning a home. Buying a home can be a daunting task but our mission is to educate you on the programs and guide you through every step of the process. We provide you with the advice, tools, tips, and resources so you can determine if owning a home is better than renting and whether homeownership is right for you. Once you set your mind on becoming a homeowner then we will do our best to get you pre-approved for the best loan option and payment to fit your budget. Don’t worry if you don’t qualify now because we can discuss actions you can take so you can purchase a home within the next couple months to a year. Our goal is to make buying your 1st home a simple, fun, exciting, and hassle-free experience.

Government Programs

Government insured loan programs such as USDA and VA requires no down payment and FHA requires a low down payment. Usually, people with fair to marginal credit may qualify for these programs.

  1. USDA Zero Down Program-Minimum 620 credit score and must buy home in small city or town.
  2. FHA Loan-Minimum 600 credit score with low down payment.
  3. Down Payment Plus Assistance Program-Get up to $6,000 down payment assistance.
  4. HUD Home Loan Program-FHA loan for HUD owned homes or FHA foreclosures.
  5. VA Loan-Zero Down Payment for Veterans and active personnel in Navy, Army, Marine Corps, Air Force, Coast Guard, and National Guard.
  6. Down Payment Assistance and Grant Programs-Get grant funds or down payment assistance for down payment and closing costs. Check your state for specific programs available.
  7. Dream Makers Program-get $5,000 grant if you are in the military
  8. Good Neighbor Next Door-Teachers, Firefighters, Emergency Technicians, Law Enforcement Employees, or Police Officers get 50% discount off home in targeted area.
  9. FHA Streamline 203k Renovation Loan-Repairs and home improvements may be added into rehab mortgage to fix up home. Great for foreclosures and short sales!

Conventional Programs

Some Conventional and Community loan programs have more flexible credit, income, and property guidelines and offer great alternatives to government financing.

  1. Fannie Mae HomeReady Community Program will help low to moderate income individuals realize the dream of homeownership.
  2. Fannie Mae 97% Program-Low down payment program with no income restrictions.
  3. Home Possible Advantage Program-1% down payment program with no income restrictions in targeted areas.
  4. Home Possible Neighborhood Solution Mortgage-Community lending program offers low down payment and more flexible credit guidelines to teachers, firefighters, health care workers, law enforcement officers, and military personnel.
  5. Fannie Mae HomePath Ready Buyerв„ў Program-Take the homebuyer education course and receive closing cost assistance toward the purchase of a Fannie Mae HomePath foreclosure.
  6. Fannie Mae NO PMI Program-NO PMI or mortgage insurance.
  7. Piggyback Mortgage Loan-Jumbo loan alternative which involves taking out 2 loans to avoid mortgage insurance with less than 20% down payment.
  8. 100% Gift Purchase Program-Fannie Mae program which down payment can be all gift.

Rural USDA Home Loan, Rural Housing Loan Service Center for USDA guaranteed home loan purchase and, usda loan program.#Usda #loan #program


Rural Housing Service Center

USDA Approved Lender

Government Program Specialists

RANLIfe Financial Center

RURAL LOAN PROGRAMS

FILE LOOKUP

Usda loan program Refinance

Usda loan program

RANLife is a USDA, FHA, VA FNMA and FHLMC approved lender.

RANLife is not affiliated with USDA or any other government entity.

Usda loan program

Usda loan program

RANLife Rural Housing Loan Service Center

The USDA Guaranteed Loan Program is a federal program offered through the United States Department of Agriculture. Rural Housing through the USDA program provides a number of homeownership opportunities to rural Americans, as well as programs for home renovation and repair. This is an excellent product and benefit for those individuals that qualify. Rural Housing also offers 100% financing opportunities for those who qualify.

Rural Housing loans are now easier to qualify and are a financially secure option for home financing regardless of your situation.

Usda loan program

Common USDA Qustions

  • Does an USDA Home Loan have mortgage insurance?
  • How much can I borrow on a USDA Loan?
  • How can I determine if I qualify for a USDA Home Loan?
  • What are my USDA refinancing options?

MORE

**NOTICE A70: RANLife Home Loans is funding the USDA Pilot Program. This program allows you to skip a mortgage payment, lower your interest rate by more than a percentage point, and you don’t have to get a home appraisal. Call a representative to see if you qualify 800.461.4152.**

Usda loan program

There are several advantages to using USDA’s Home Loan Program.

  • USDA 100% Financing
  • Low Monthly Mortgage Insurance(MI)with a USDA loan
  • Low USDA Mortgage Interest Rates
  • USDA Low Closing Costs
  • USDA Zero Down Payment.
  • Easy Credit Qualifying with USDA
  • Never a Pre-payment Penalty with USDA

Thinking of Buying a Rural Home?

Did You Know?

Did you know that even with the advent of a low monthly mip premium usda payments are still significantly lower than an FHA loan that has a minimum of a 3.5% down payment?

USDA Rural Home Purchase?

Whether you are buying your first home or looking to move up the USDA Home Loan Purchase Program is one of the best purchase programs available today for our rural communities. Click on the USDA Purchase Application to see if you qualify.

USDA Rural Home Refinance?

If you bought your home through a USDA home purchase program then you are eligible for a USDA home streamline refinance. Call a program representative at 800.461.4152, or fill out the quick online refinance application on the left, to see if you home qualifies.

**NOTICE B68: RANLife Home Loans is still funding USDA Home Purchase Loans. Call a representative to see if you qualify 800.461.4152.**2.07.2013

**NOTICE C68: RANLife Home Loans continues to lock USDA Refinance Loans. Call a representative to see if you qualify 800.461.4152.**2.07.2013

**NOTICE B43: RANLife Home Loans still allows the funding of a USDA renovation loan. Call a representative to see if you qualify 800.461.4152.**02.09.2012

**NOTICE B41: Major Lenders will stop funding USDA Loans over the next few of months. RANLife Rural Home Loan will continue to fund USDA Home Loans. In 2010 most lenders stopped funding USDA Loans during October, November and December. In 2010 RANLife never stopped funding its USDA Loan Program. Call a representative to see if you qualify 800.461.4152.12.1.11**

*NOTICE C10: USDA Monthly MIP. If you don’t have a conditional commitment from USDA by 9/30/2011 you will be forced to have monthly mortgage insurance on your USDA Loan. RANLife can close your home purchase loan fast. Call a RANLife Rural Home Loans representative to get your USDA loan expedited today.7.1.11**

**NOTICE A40: USDA will be changing its USDA eligible areas based on the new 2010 census bureau. Does your area now qualify? Is your area going to be discontinued from the USDA guarantee? Call a RANLife Rural Home Loans representative to see if your area will still qualify.1.11**

**NOTICE A30: RANLife Rural Home Loans is now offering a USDA Renovation Loan. Now you can obtain financing and include home improvements into one USDA Home Loan.**

**NOTICE A20.1: As the mortgage lending industry continues to stop and start USDA funding RANLife Rural Home Loans has maintained funding for USDA Rural Housing Purchase Loans throughout the entire year of 2010 and is committed to providing USDA home loan funding throughout 2011.**

**NOTICE B40: RANLife Rural Home loans has continued to fund the refinancing of USDA Home Loans. Call a representative to see if you qualify 800.461.4152.**


Home Affordable Refinance Program (HARP): Fannie Mae, harp loan program.#Harp #loan #program


Home Affordable Refinance Program (HARP)

– Ruben of Springfield, VA, saved $763 per month. Read the Full Story »

HARP is unique—it’s the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. There have been several changes to HARP, but the primary enhancement removed the limit on the amount that homeowners could be “underwater” (owe more on their mortgage than their home is worth). With that change, many homeowners who were not eligible will now qualify. Program ends December 31, 2018.

HARP may be an option if:

  • You have had a good payment history for the past 12 months. That means having no late payments in the last 6 months and no more than one 30-day late payment from 6 to 12 months ago.
  • Your home is your primary residence, 2nd home or investment property.
  • Your home value has decreased.
  • You have limited equity or your first mortgage exceeds the current market value of the home (i.e., your loan-to-value ratio must be 80% to be eligible).
  • Your loan is owned or guaranteed by Fannie Mae or Freddie Mac. Check the Fannie Mae Loan Lookup tool.
  • Your loan was closed on or before May 31, 2009 (this date can be found using the loan lookup results).

Take the HARP Quiz to see if you may qualify. For more information about HARP eligibility and requirements, go to HARP.gov or visit the Fannie Mae Loan Lookup tool.

Top reasons to refinance with HARP

  • Lower your monthly payment
  • Reduce your interest rate
  • Get a fixed-rate mortgage that won’t change over time
  • Build equity faster—shorter term options may be available
  • Save time and money with usually no appraisal required

Next steps

If you qualify to refinance your mortgage through HARP, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). A HARP lender will work with you through every step, and will help determine if HARP meets your specific needs.

Harp loan program

Gather your financial information—Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need:

  • your mortgage statements, including information on a second mortgage (if applicable);
  • your other monthly debt payments (e.g., car or student loans, credit card payments); and
  • your income details (paystubs and income tax returns).

Harp loan program

Contact Your Mortgage Company and ask if they are an approved HARP lender. Or, contact a HARP lender—tell them you are interested in refinancing and you want to see if you qualify for HARP.

It’s important to act quickly. As soon as you think you may have trouble making your mortgage payments or you think you want to refinance, contact your mortgage company to see if you are eligible for this option. If you need further assistance (before or after contacting your mortgage company), contact a Housing Counselor. Homeowners with a Fannie Mae-owned loan should contact one of our Fannie Mae Mortgage Help Network partners. English and Spanish advisors are available, and all services offered by the Fannie Mae Mortgage Help Network are FREE.

Frequently asked questions about the Home Affordable Refinance Program (HARP)

HARP is the Refinancing Solution You Need

HARP has been expanded to help more homeowners qualify for refinancing their mortgage—even those with little or no equity. With HARP you may take advantage of low interest rates and other refinancing benefits even if the value of your home has declined and you owe more than your home is worth. The questions and answers below will help you better understand how this program works.

1. What is HARP?

HARP stands for the Home Affordable Refinance Program. It was introduced by the Federal Housing Finance Agency (FHFA) and the Department of the Treasury in early 2009 as part of the federal government’s Making Home Affordable™ program. HARP provides eligible homeowners, who may not otherwise qualify for refinancing because of declining home values, the ability to refinance their mortgage into a lower interest rate and/or more stable mortgage product. The program was enhanced in 2011 to allow more eligible homeowners to refinance.

Making Home Affordable is a trademark of the United States Department of the Treasury.

2. What does it mean to “refinance” my mortgage?

When you refinance your mortgage, you are applying for a new mortgage, which replaces your current home loan.

3. What enhancements were made to HARP that may make me eligible now?

There were several changes to HARP, but the primary enhancement removed the limit on the amount that homeowners could be “underwater” (owe more on their mortgage than their home is worth). With that change, many homeowners who were not eligible will now qualify.

4. What if I have an adjustable-rate mortgage (ARM)?

HARP allows you to replace your adjustable-rate mortgage to a more stable fixed-rate mortgage. Refinancing may provide you with a lower monthly payment and allow you to avoid the sometimes large payment increase that comes once your ARM’s initial rate ends as the rate may increase over time. The stability of a fixed monthly payment will give you security in knowing what your principal and interest payment will be every month.

5. Is HARP the only refinance program available?

HARP is one of several refinancing options available to eligible homeowners. But HARP is unique—it’s the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits.

6. How can I find out whether my loan is owned by Fannie Mae or Freddie Mac?

Only mortgages owned or guaranteed by either Fannie Mae or Freddie Mac are eligible for refinance under HARP. You can confirm that your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following Web sites:

7. How does the HARP refinance process work?

If you qualify to refinance your mortgage through HARP, you’ll go through an application, approval and closing process (similar to when you got your original mortgage). A HARP Lender will work with you through every step, and will help determine if HARP meets your specific needs. Contact Your Mortgage Company and ask if they are an approved HARP lender. Or, contact a HARP lender—tell them you are interested in Refinancing and you want to see if you qualify for HARP.

8. What if I have been turned down for refinancing before?

The guidelines for HARP may have changed since you last applied, so you may qualify.

9. Will I have to pay closing costs?

Maybe, but closing costs vary by state and size of your loan. Closing costs might be rolled into your new loan so you wouldn’t have to pay these costs out of pocket at closing. Check with a HARP lender to learn more.

10. Is it worth refinancing with HARP?

On average, homeowners are saving over $250* per month on their mortgage payments.

*Average actual monthly payment savings based on total 2012 Fannie Mae HARP mortgage volume. Your monthly savings may vary based on the specific terms of the loan selected, the interest rate, APR and other factors. All loans are subject to credit approval. Contact a HARP lender for details.

11. What if my income is low? Or my income has decreased?

In most cases, it doesn’t matter. You still may qualify.

12. Do I need a new appraisal?

In most cases, no. With HARP, an appraisal is not generally required, so you save time and money.

13. If I owe more on my home than it’s worth, will I have to make a down payment before I can refinance?

No. You do not need to pay more money down on your mortgage in order to refinance with HARP.

14. Do I have to refinance for another 30 years?

No. Shorter loan terms (15-years and 20-years) may be available so you can start paying down your mortgage quicker and building equity faster.

If the new loan is secured by your primary residence and the unpaid principal balance exceeds the property’s fair market value, the interest on the portion of the unpaid principal balance that is greater than the fair market value of your primary residence is not deductible for federal income tax purposes. You should consult a tax advisor for further information regarding the deductibility of interest and charges.

Fannie Mae and Freddie Mac have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Fannie Mae or Freddie Mac, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Fannie Mae or Freddie Mac by checking the following Web sites: knowyouroptions.com/loanlookup or freddiemac.com/mymortgage.

What homeowners are saying about HARP.

“Whether you’re looking to refinance a property you live in, or an investment property find out if you qualify for this amazing program.”

– Ruben of Springfield, VA, saved $763 per month. Read the full story »


Home Relief Program, loan modification program.#Loan #modification #program


loan modification program

Loan modification program

Home Loan Modification Resources

Tell us about your current home loan

What is a home loan modification?

A loan modification is a reduction of your payment by your lender. This new payment is supposed to be affordable for the homeowner and in exhange for this lower payment your bank is now saved the cost and hassle of a foreclosure sale of your home.

The payment is reduced to 31 percent of the home owner’s income to loan ratio, and so the program is therefore only really of any use to those home owners who have home loan payments that exceed 31 percent of their monthly income.

The goal of a home loan modification is to help home owners who find themselves unable to meet current home loan payment obligations by renegotiating interest rates, financing rates, deferred payments or to exit the obligation to avoid foreclosure. Read more about the requirements to qualify for a home loan modification.

Your bank has a lawyers working for them. And so should you…call for your free consultation.

What is the point of a home loan modification?

If protecting your credit score is a factor in your decision to make a home loan modification, then home owners who are delinquent on their home loan payments should note that they have already experienced an impact on their credit score, however this impact is significantly lower than the impact that a foreclosure will have. Working with a home loan modification lawyer can help home owners to maintain their property and prevent their credit score from taking any additional hits.

The specific effect of a loan modification on your credit score depends on how the bank reports the modification to the credit bureau. It is possible and advisable to request that the bank report the change to the loan as a loan adjustment, showing on your credit report as a new loan with a lower payment and no increase in the debt structure. Reporting that the modified payment agreement is current will also help to protect your credit rating during the ‘trial modification’ phase of the home loan modification.

The specific effect of a loan modification on your credit score depends on how the bank reports the modification to the credit bureau. It is possible and advisable to request that the bank report the change to the loan as a loan adjustment, showing on your credit report as a new loan with a lower payment and no increase in the debt structure. Reporting that the modified payment agreement is current will also help to protect your credit rating during the ‘trial modification’ phase of the home loan modification.

The current mandate as outlined by the Obama administration to reduce foreclosures is a solid plan, but like any new program, there is a learning curve for both the lenders and the borrowers. The party that is usually ahead of the game is a home loan modification lawyer and can often cut through any cloudiness and guide the borrower while helping the lender see the benefits of yielding to a home loan modification, and to see it as a financially positive choice.

In addition, you’ll want to have the experience of someone who renegotiates home loans for a living and knows from that experience and the experiences of previous clients what a proper new home loan should look like for someone in your particular situation. You don’t want to find out after 6 months or a year that your new home loan is still a difficult one to maintain.

Listen to the horror story that this home owner had to go through by submitting an application without knowing all the rules, regulations or options available to her.


Loan Modification Programs, The Truth About, loan modification program.#Loan #modification #program


Loan Modification Programs

Since the mortgage crisis took flight, “loan modification programs” have become all the rage. Instead of originating new loans, former mortgage brokers and loan officers are shifting focus to reworking outstanding loans that have fallen behind in payments or are in danger of doing so. Ironically, many are getting paid to reverse the damage they caused to begin with.

In the past couple years, millions of borrowers have fallen behind on their monthly mortgage payments, creating an unprecedented foreclosure epidemic. And because home prices are falling, many are seeing their home equity sucked dry or even worse, finding themselves underwater on their mortgages.

This environment has forced banks and mortgage lenders to begin modifying loans in an effort to recoup losses and prevent foreclosures, which puts even more downward pressure on home prices. Things have become so dire that a number of banks have initiated their own streamlined loan modification programs to complement their standard loss mitigation efforts.

There are also foreclosure prevention coalitions, such as Hope Now, which provide free assistance to struggling homeowners through a streamlined process using existing loss mitigation tools.

So now that we have a little background, let’s take a look at some of the most common loan modification options available to at-risk borrowers.

A repayment plan is one the most simple and typically most common loan workout options available to borrowers in arrears (behind on payments). It’s not really considered a loan modification, because the terms of the loan are essentially unchanged. Basically, the bank or lender will agree to take your delinquent payments and add them to your current monthly payments until you become current again. So if you owe say $4,000 in arrearage, they may add $500 to your monthly payment for eight months until you’re back on track.

Critics have panned repayment plans because they fail to address the affordability issues tied to delinquent loans. Because the debt is simply redistributed, borrowers who can’t afford the terms of their loan will likely re-default within months of receiving a repayment plan, especially as the monthly payment increases as a result.

A more favorable loan modification is one that involves an interest rate reduction, so the monthly payment is actually made more affordable. In this case, the loan will be re-underwritten to determine what size of payment you would qualify for at a given debt-to-income ratio, generally around 38 percent.

The interest rate may be temporarily lowered, for a period of say five years, and then steadily increase, to the market rate at the time of modification, or it could be fixed for life. This is clearly a favorable option, as it cuts the borrower’s monthly payments for good.

Another relatively easy ways for banks and lenders to increase affordability and reduce monthly mortgage payments is to extend the amortization of the loan. Instead of a standard 30-year amortization period, the loan may be stretched another 10 years, pushing payments to a more acceptable level for the borrower.

While banks and lenders aren’t generally keen to offer principal reductions, it’s becoming increasingly common as desperation grows. Since so many borrowers are underwater, banks have little choice but to reduce the balance of the existing mortgage to put the borrower in a positive equity position. However, there are strings attached. In exchange for a principal reduction, some banks want a piece of the future appreciation, assuming there is any. This has created a huge hurdle, as no one can agree on what’s fair.

This method, which is only available for FHA loans, creates an interest-free second mortgage that contains up to 12 months of accrued mortgage payments. It brings your account up to date immediately, and must be paid off when the first mortgage is paid off or the property sold.

Fannie Mae HomeSaver Advance

HomeSaver Advance is an unsecured personal loan, used to cure delinquency on the first mortgage. It’s a 15-year fixed-rate loan at five percent with no interest accrual or payments for the initial six months. The loan amount can be as much as $15,000, or 15 percent of the unpaid principal balance. Proceeds are applied to delinquent payments, interest, taxes, insurance, escrow advances or foreclosure/bankruptcy-related fees. No cash received in-hand.

Keep in mind that banks, lenders, and housing counseling agencies may use any combination of the above approaches to get monthly mortgage payments to acceptable levels. For instance, it may take both extended amortization and a reduced interest rate to qualify a distressed borrower, or even principal reductions.

Also understand that some borrowers may be beyond help, as some loans underwritten over the past few years were riddled with fraud and should have never been extended to the borrowers to begin with, so foreclosure is inevitable for many. Keep your eyes and ears open, as new loan modification programs are popping up all the time. Make sure you contact your loan servicer or lender immediately if you need assistance.

One final note watch out for loan modification scams, which seem to be growing in prevalence as the situation worsens. Many so-called assistance programs simply create a middleman who will charge you more fees and possibly put in you a more dire position.


Home Affordable Refinance Program (HARP): Fannie Mae #monthly #mortgage #calculator


#harp loan program
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Home Affordable Refinance Program (HARP)

The government’s Home Affordable Refinance Program (HARP) has been expanded to help more homeowners qualify for refinancing their mortgage. Even those with little or no equity available may take advantage of low interest rates, and other refinancing benefits.

“Whether you’re looking to refinance a property you live in, or an investment property, find out if you qualify for this amazing program.”

What is HARP?

HARP is unique—it’s the only refinance program that enables eligible borrowers with little to no equity in their homes to take advantage of low interest rates and other refinancing benefits. There have been several changes to HARP, but the primary enhancement removed the limit on the amount that homeowners could be “underwater” (owe more on their mortgage than their home is worth). With that change, many homeowners who were not eligible will now qualify. Program ends December 31, 2016.

HARP may be an option if:

  • You have had a good payment history for the past 12 months. That means having no late payments in the last 6 months and no more than one 30-day late payment from 6 to 12 months ago.
  • Your home is your primary residence, 2nd home or investment property.
  • Your home value has decreased.
  • You have limited equity or your first mortgage exceeds the current market value of the home (i.e. your loan-to-value ratio must be 80% to be eligible).
  • Your loan is owned or guaranteed by Fannie Mae or Freddie Mac. Check the Fannie Mae Loan Lookup tool.
  • Your loan was closed on or before May 31, 2009 (this date can be found using the loan lookup results).

Take the HARP Quiz to see if you may qualify. For more information about HARP eligibility and requirements, go to HARP.gov or visit the Fannie Mae Loan Lookup tool.

Top reasons to refinance with HARP

  • Lower your monthly payment
  • Reduce your interest rate
  • Get a fixed-rate mortgage that won’t change over time
  • Build equity faster—shorter term options may be available
  • Save time and money with usually no appraisal required

Next steps

Gather your financial information —Make sure you have your basic financial and loan information on hand when you call your mortgage company. You’ll need:

  • your mortgage statements, including information on a second mortgage (if applicable);
  • your other monthly debt payments (e.g. car or student loans, credit card payments); and
  • your income details (paystubs and income tax returns).

It’s important to act quickly. As soon as you think you may have trouble making your mortgage payments or you think you want to refinance, contact your mortgage company to see if you are eligible for this option. If you need further assistance (before or after contacting your mortgage company), contact a Housing Counselor. Homeowners with a Fannie Mae-owned loan should contact one of our Fannie Mae Mortgage Help Network partners. English and Spanish advisors are available, and all services offered by the Fannie Mae Mortgage Help Network are FREE.

Frequently asked questions about the Home Affordable Refinance Program (HARP)

HARP is the Refinancing Solution You Need

1. What is HARP?

HARP stands for the Home Affordable Refinance Program. It was introduced by the Federal Housing Finance Agency (FHFA) and the Department of the Treasury in early 2009 as part of the federal government’s Making Home Affordable™ program. HARP provides eligible homeowners, who may not otherwise qualify for refinancing because of declining home values, the ability to refinance their mortgage into a lower interest rate and/or more stable mortgage product. The program was enhanced in 2011 to allow more eligible homeowners to refinance.

2. What does it mean to “refinance” my mortgage?

3. What enhancements were made to HARP that may make me eligible now?

4. What if I have an adjustable-rate mortgage (ARM)?

5. Is HARP the only refinance program available?

6. How can I find out whether my loan is owned by Fannie Mae or Freddie Mac?

7. How does the HARP refinance process work?