Monthly Archives: December 2012

DU Refi Plus Refinance

A DU Refi Plus refinance is another aspect of the HARP program meant to help families with limitedincomes who still owe 80 percent or more of their home’s value. Those who owe less than that will beable to refinance with a credit score as low as 580. DU Refi Plus is controlled by Fannie Mae

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HARP 2.0 Refinance

Like the HAMP program, HARP began in 2009 to help bolster failing homeowners as the housing market collapsed. In late 2011, the HARP 2.0 refinance was implemented to reach more struggling debtors. It is designed to help families who cannot refinance because the mortgage on their property is worth more than the property itself. They

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Cash-Out Refinance

When people refinance their homes, they usually do so to either shorten the term or lower their interest rate. This can save a considerable amount of money, but another form of refinancing can actually put cash in the borrower’s pocket. Cash-out refinancing is a trick where the original mortgage is replaced with a larger one:

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Conventional Loans

Most homes and condominiums are financed through conventional loans from a bank. Individuals or families apply and their financial history is evaluated to determine whether or not they are a wise investment. If the bank approves, it offers a loan reflecting its confidence, and the consumer is free to either accept, walk away or come

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CalVET Loans

The Department of Veterans Affairs on a federal level provides mortgage insurance for veterans, while the California VA system offers loans at competitive interest rate for service members. To be eligible, applicants must have received an honorable discharge, been active duty for at least 90 days or been a member of the National Guard or

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CalHFA Loans

On a national level, the Federal Housing Administration offers insured loans on a broad basis for disadvantaged families, but CalHFA loans also apply to low-income Californian families who are first-time home buyers. There are a few more requirements to be met, including taking an education course and having not owned and occupied a home for

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FHA Loans

Owning a home has long been a quintessential part of the American dream. But rising housing costs and financial uncertainty have kept that goal out of reach for many low-income families’ reach. To provide opportunities for those who might not otherwise see them, the Federal Housing Administration has insured loans from approved vendors since 1934.

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VA Loans

The United States has always tried to look after its veterans and their families. One of the most popular programs ever created for that purpose is the VA mortgage loan system, which began in 1944. Since then, the Department of Veterans Affairs has guaranteed over 20 million loans for veterans. This does not mean that

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First-Time Home Buyers

Securing a mortgage as first-time home buyers is rarely easy. Banks and other lenders are skeptical, particularly if the individual or family in question has little credit history to go on. But there’s no denying that owning a home or condominium has its advantages. Rather than dealing with all the insecurity of an apartment or

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