Tag Delaware HARP

Tag Delaware HARP

Delaware HARP Program Changes for refinancing October 2011

John Thomas November 28, 2011 Tags: ,

Delaware HARP Refinance Loans for a conventional mortgage that underwater has some positive changes as of October 2011.

In October, President Obama announced plans to open up refinancing to more homeowners who are underwater. This proposal was a revision of the current Home Affordable Refinance Program (HARP).

So what does this mean to you?

This means that if your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. Keep Reading...

Is it possible to get a Delaware Mortgage for more than the home’s value?

John Thomas January 2, 2008 Tags: , ,

Can you get a Mortgage Loan for more than the value of your home?

If you want to refinance a home you already own in Delaware, there are mortgage programs that allow you to borrow up to 150 percent of the home’s value. The program is under the special program created by the economic stimulus bill of 2009 is called the HARP Program.  It is only to lower your current mortgage rate or to switch from an ARM to a fixed rate.

It is generally not possible to buy a home and borrower more than it is worth.  One exception is buying a fixer-upper property.  There are Delaware loan programs (Delaware FHA 203k Loan) that allow you to borrow the purchase price plus the cost of the fix-up.  Both you and the property must qualify.  You must qualify income-wise and credit wise (640 Minimum FICO score).  You are able to borrow up to 110% of the after repaired value of the home on an FHA 203k Rehab Loan.  The after repaired value is based on the repairs/renovations being done on the property. Keep Reading...