Trying to refinance when your home has lost value is a challenge, but there are two distinct programs that may help: the streamline refinance program offered by the U.S. Department of Housing and Urban Development's Federal Housing Administration; and the federal government's refinance program designed for underwater homeowners, the Home Affordable Refinance Program, better known as HARP. These programs can both help homeowners refinance even if they have little or no equity.
Equity Matters
Most lenders require that homeowners have at least 20 percent equity in their homes before they'll approve a refinance. Homeowners whose homes have lost value might not have this equity, however. Equity is the difference between what you owe on a mortgage and what your home is worth. For example, if you originally bought your home for $200,000, with a mortgage of $190,000, and the home is now worth just $150,000, you'd have negative equity of $40,000. This is known as being underwater, and it can scuttle your opportunity to refinance your home loan.
FHA Streamline
The FHA streamline refinance program can help homeowners with negative or little equity obtain refinancing because the program doesn't require an appraisal. It doesn't matter to the lender, therefore, what your home's value is or how much equity you have in it.
Not all homeowners, though, can participate in the FHA streamline program. You must already be paying off a mortgage loan insured by the FHA, and the loan you refinance to must also be an FHA-insured loan. You must be current on your mortgage payments, and your refinance must lower your monthly principal and interest payments. If you don't meet these requirements, you won't be able to obtain an FHA streamline refinance.
HARP
The federal government offers HARP through its Making Home Affordable program. The program allows homeowners to refinance even if they owe more on their mortgage loans than what their homes are worth. The government makes this possible by paying a fee to lenders when they help homeowners with no, or negative equity to refinance. To participate in this program, you can call any mortgage lender licensed to do business in your state. Be aware, though, that not all lenders participate in HARP.
HARP Requirements
HARP comes with its own set of requirements. You can't participate in HARP if you want to refinance a mortgage loan insured by the FHA. This program is only open to borrowers who are paying off mortgage loans owned or guaranteed by Freddie Mac or Fannie Mae. You must be current on your mortgage payments and must not have missed any payments in the last 12 months.
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