stevek173
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The common perception is that it is a tougher game these days, which if you have a credit score below 620 is very true. For those who qualify, however, there are some remarkable programs right now that many people don't know about.
One favorite of mine is the DU Refi Plus program. This is designed to help people who are highly qualified in every facet with exception to equity. Many people haven't been able to do anything because of the drop in property rates since the proverbial "bubble burst". This program helps them. Basically if you don't want cash out, you don't have Mortgage Insurance, and you have an existing Fannie Mae or Freddie Mac Loan you have a good chance at qualifying. If you do qualify you probably won't need an appraisal, and your bank can use a slightly inflated value for your appraisal value, thus completing your transaction with no property value headaches and no MI.
If you are a Veteran the VA programs are remarkable as well. You can get up to 90% Cash out with no MI. This is very strong since the MI rates have gone up since May. A favorite of mine is the VA-IRRL - meant for veterans who have existing VA loans. No VA Funding Fee, no appraisal, pretty much no income docs, pretty much slash the rate for very limited fees. Those who think Veterans don't get some perks from the government should take a good look at VA programs.
Rural Housing is a nice program in that depending on where you live and your income you can get into a home for no money out of pocket.
The Conventional and FHA programs remain strong as well.
The bottom line is that as a borrower the programs out there are not a language you need to be able to speak. It's all about rate and payment, and how it betters your life, and contrary to popular belief there are many programs out there still going strong. Always remember that it shouldn't cost you anything to look into your options and companies that ask you for money upfront are just trying to recoup their overhead.
One favorite of mine is the DU Refi Plus program. This is designed to help people who are highly qualified in every facet with exception to equity. Many people haven't been able to do anything because of the drop in property rates since the proverbial "bubble burst". This program helps them. Basically if you don't want cash out, you don't have Mortgage Insurance, and you have an existing Fannie Mae or Freddie Mac Loan you have a good chance at qualifying. If you do qualify you probably won't need an appraisal, and your bank can use a slightly inflated value for your appraisal value, thus completing your transaction with no property value headaches and no MI.
If you are a Veteran the VA programs are remarkable as well. You can get up to 90% Cash out with no MI. This is very strong since the MI rates have gone up since May. A favorite of mine is the VA-IRRL - meant for veterans who have existing VA loans. No VA Funding Fee, no appraisal, pretty much no income docs, pretty much slash the rate for very limited fees. Those who think Veterans don't get some perks from the government should take a good look at VA programs.
Rural Housing is a nice program in that depending on where you live and your income you can get into a home for no money out of pocket.
The Conventional and FHA programs remain strong as well.
The bottom line is that as a borrower the programs out there are not a language you need to be able to speak. It's all about rate and payment, and how it betters your life, and contrary to popular belief there are many programs out there still going strong. Always remember that it shouldn't cost you anything to look into your options and companies that ask you for money upfront are just trying to recoup their overhead.