Complete Guide to Other Home Loans

complete guide to other home loans

Besides the most popular conventional loans, FHA loans and VA loans, there are other mortgage products designed for special circumstances.

  1. HARP loans
  2. Hard money loans

HARP Loans

To combat the 2008 recession and housing crisis, the Home Affordable Refinance Program (HARP) was created by the federal government in April of 2009. Its main purpose was to make it possible for American homeowners with little or no home equity – or even negative home equity to refinance their mortgages into lower interest rates without paying for mortgage insurance.

To be eligible, the mortgage being refinanced under HARP program must:

  • Be backed by Fannie Mae or Freddie Mac
  • Have a note date of no later than May 31, 2009
  • Have at least 80% loan to value (LTV)
  • Hard Money Loans

    Hard money loans are mostly originated by private lenders or investors. Underwriting guidelines for these loans are much loosen comparing to conventional loans. Lenders often rely on underlying collateral as guarantee. These loans are often have shorter terms on top much higher fees and interest rates.

    Prospective should always explore more popular loan products such as conventional loans, VA loan, or FHA loans. If you need help deciding which loan is right for you, talk to our licensed mortgage loan originators. We will analyze your scenario and advice which loan product is better for you.
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