by Marion Trent | Jul 27, 2014 | Home Loans, Mortgage Loans
HARP stands for Home Affordable Refinance Program. HARP is a financial aid program that was introduced by the United States Federal Government in 2009 to help homeowners who are underwater, which means there is zero — or negative — equity in their home to refinance their mortgage. If you are a Texas homeowner who is underwater on your existing conforming or conventional mortgage, you may be eligible for a refinance without paying down any principle, without paying mortgage insurance, and in many cases, without spending any money out-of-pocket. HARP 2.0 – Help For Texas Homeowners The modified HARP program – HARP 2.0, also referred to as The Making Home Affordable Program, the DU Refi Plus Program, and/or the Obama Refi Program – is specifically targeted towards Texas homeowners having a loan-to-value ratio less than 125 percent. However, an additional guideline change to HARP 2.0 actually lifted the loan-to-value restrictions. So, Texas borrowers with a loan-to-value ratio even greater than 125 percent can now apply to this program. HARP 2.0 gives Texas homeowners the ability to refinance at today’s low mortgage rates without private mortgage insurance, exorbitant closing costs and fees, and in most cases without an appraisal. If you have been turned down before for this program, you will certainly want to re-apply for HARP 2.0. In order to qualify for HARP assistance, the basic eligibility requirements are: 1. Your loan must be backed by Freddie Mac or Fannie Mae 2. Freddie or Fannie should have bought your mortgage prior to June 1st, 2009. Determine If Your Loan Is Backed By Fannie Mae or Freddie Mac Unfortunately, Texas homeowners rarely know...
by Marion Trent | Jul 31, 2013 | Mortgage Loans
Mortgage loans can be divided into two categories, conventional mortgage loans and governement mortgage loans. Any mortgage loan other than an FHA, VA or an RHS loan is called a conventional mortgage. The Federal Housing Administration (FHA), which is part of the U.S. Dept. of Housing and Urban Development (HUD), administers various mortgage loan programs. FHA loans have lower down payment requirements and are easier to qualify than conventional loans. FHA loans cannot exceed the statutory limit. If you are currently looking for an FHA home loan, please feel free to contact us. We are a HUD-approved mortgage lender. VA Loans VA loans are guaranteed by U.S. Dept. of Veterans Affairs. The guaranty allows veterans and service persons to obtain home loans with favorable loan terms, usually without a down payment. In addition, it is easier to qualify for a VA loan than a conventional loan. Lenders generally limit the maximum VA loan to $203,000. The U.S. Department of Veterans Affairs does not make loans, it guarantees loans made by lenders. VA determines your eligibility and, if you are qualified, VA will issue you a certificate of eligibility to be used in applying for a VA loan. VA-guaranteed loans are obtained by making application to private lending institutions. If you are interested in obtaining a VA-guaranteed loan contact us today for more information. RHS Loan Programs The Rural Housing Service (RHS) of the U.S. Dept. of Agriculture guarantees loans for rural residents with minimal closing costs and no downpayment. Contact us for details about this loan program. Ginnie Mae which is part of HUD guarantees securities backed by pools of mortgage...
by Marion Trent | Dec 19, 2012 | news
Do you meet these criteria? Have a Full time independent school district job in Texas? Are you a classroom teacher or teacher’s aide? Are you a school librarian, school nurse, or school counselor? There is a new Texas program for you – First Come, First Served. This grant money is available to qualified Educators. Grant Requirements: Income and home purchase price limits apply You must meet standard mortgage underwriting requirements as credit worthy The house you are buying must be your primary residence FHA Loans Only This program will give you a grant of 3% of your total loan amount. It can be used as a part your down payment. The grant does not have to be repaid. Example: For a $100,000 loan: The grant would be $3000. If used toward your down payment requirement of 3.5% or $3,500, you would only need $500 for your portion of the down payment. Global Lending Solutions is here to help you with a mortgage for your dream home and show you how to use this program for Educators to your...
by Marion Trent | Dec 19, 2012 | Home Loans, news
Do you meet these qualifications? • A full time paid fire fighter in Texas? • A peace officer? • An adult or juvenile corrections officer? • A county jailer, EMS Personnel? • A public security officer? Texas has a grant money program with funds set aside to help you purchase a house as a first time home buyer. See details below about this program for you – First Come First Served. This grant money is available to qualified fire, peace or correctional personnel as listed above. Grant Mony requirements: • Income and home purchase price limits apply • You must meet standard mortgage underwriting requirements as credit worthy • The house you are buying must be your primary residence • FHA Loans Only This program will give you a grant of 3% of your total loan amount. It can be used as a part your down payment. The grant does not have to be repaid. Example: For a $100,000 loan: The grant would be $3000. If used toward your down payment requirement of 3.5% or $3,500, you would only need $500 for your portion of the down payment. Global Lending Solutions, Inc. is here to help you with a mortgage for your dream home and show you how to use this Homes for Heroes program to your...
by Marion Trent | Dec 19, 2012 | Blog, news
Fannie Mae’s goal is to sell in a timely manner the properties that it now owns due to foreclosures. They have created a database, called HomePath, that includes only these properties. There is a wide selection from single-family homes, condominiums, and town homes. These are located in a variety of locations, many of them are relatively new and some are older homes. Some homes may require repairs. Benefits of HomePath program: • 5% down payment for primary residents • 15% down for investors • No mortgage insurance • No appraisal fees Down payment can be funded by your own savings, a gift, a grant, or a loan from a nonprofit organization, state or local government, or an employer. Fannie Mae may have made some repairs but the houses are sold “as is” so buyer should be aware that other repairs may be needed. Fannie Mae does not warrant or guarantee any work that may have been done on the property. Where a home warranty is available, you may wish to buy one at your own expense. Fannie Mae requires a lender’s prequalification Fannie Mae wants to be sure the prospective buyer will be able to complete the sales transaction and obtain financing when needed. Prequalification does not mean one is approved for a loan. Buyer will have to apply for a loan separately. We, at Global Lending Solutions, are ready to help you take advantage of this program. We are an approved HUD Lender and Certified for the HomePath program. No mortgage insurance will be a big savings for your cash flow. Call us today for your prequalification, so...
