The Home Affordable Program helps those who have a Fannie Mae or Freddie Mac owned loan. This program will help those who owe more than their home well appraise for refinance at todays low rates. If your not sure if your loan is owned by Fannie Mae or Freddie Mac, it’s time to give me a call or CLICK HERE and I’ll help you.

This program actually helps a lot of people, even if you have a second mortgage you still could qualify, you need to check it out. If your current rate is at 6% or above you could potentially save a pretty good amount of money. The higher the loan amount the more you can save; the reason being that certain costs are fixed and on the lower loan amount the longer it is going to take to repay that cost vs. when your loan amount is greater than the savings is more that intern shortens the pay back time of the closing cost insuring value when you consider a refinance. The best way to calculate your savings is to get a Good Faith Estimate and find out what your monthly savings could be and what the time span would be to payoff the closing costs. CLICK HERE to obtain your free interest rate quote and free evaluation to determine if refinancing is right for you. Right now rates are remaining pretty low so nows still a good time to consider a refinance. Another factor to consider when refinancing is what is your time frame in which you plan on living in your property.  If you are considering at some point in turning your primary residence into a rental again something to consider is it is a great idea to refinance locking in a long term low rate; now with that though in mind when you refinance your primary residence your really cannot turn that property into a rental property for 12 months.  If you where to buy a new property they are going to want to cross reference information to determine this fact, so keep this in mind for future planning. Please leave any comments or questions you may have I’d be glad to address them. If your a Colorado residence and our considering a refinance please give me a call or email me I’d be glad to give you a free mortgage consultation to determine if refinancing makes sense for your situation. Andrew Hahn your Denver refinance professional; located in Commerce City Colorado serving Denver and the Metro area.

Andrew Hahn Mortgage professional for over 18 years, helping refinance in Denver and the Front Range; licensed in the State of Colorado.

Is it possible to get a mortgage without any down payment?

Nowadays, you can get a mortgage without making a down payment. These mortgages are also commonly known as 100% mortgages or 100% loans. No or low down payment loans need small or no cash from the borrowers at the time of closing.
About 20 years back, the average down payment for a home loan was 20%. At present, people can qualify for mortgages even by making a down payment of as low as 4%. To be precise, a 0% or no down payment mortgage is a loan for which you don’t need to make any down payment at the time of buying a home. In today’s mortgage market, getting a no down payment home loan might be quite hard unless you have an excellent credit score. If you’re a veteran, you can qualify for a VA (Veterans Administration) loan with a somewhat lower credit score.  Mortgage rates for these loans are usually higher than other types of conventional loans.
No down payment loans for veterans are always a secure option for both borrowers and lenders.
Should you go for a 0% down loan only since you can?
Not essentially. Given below are reasons that should be taken into consideration prior to taking out a 0% down loan:
    You’re more probable to lose your home.
    No down payment signifies a smaller home.
    You need to make higher monthly payments.
    It’s difficult to qualify for these loans.
    Very few lenders offer these loans.
    No money down loans require you to buy private mortgage insurance (PMI).

Underwriting prerequisites for 0% down loans

Usually, the underwriting prerequisites for these loans include the following:

    All borrowers should live in the property
    A minimum credit score of 660 with no late payments mentioned in the past 12 months.
    Maximum amount of loan is $417,000, though many lenders are providing 0% down jumbo mortgage products
    Only 1-2 unit primary residence. Includes sanctioned PUDs (Planned Unit Developments) and condominiums. Investment property is not allowed for 0% down payment loans.
    No foreclosure or bankruptcy within 7 years of closing.
    Your debt to income ratios must not surpass 45% of your income.
    You don’t have to be a first-time home buyer.

You should go for a 0% down loan only if you have good credit and you’re confident about repaying the loan on time.

I would like to thank Sandy for her contribution to my blog Keep up the good work

For those who want to take advantage of today’s Real Estate Market and turn your current primary residence into a rental and take advantage of the $6,500.00 tax credit while purchasing a new home  DO YOU QUALIFY Housing Tax credit There are some interesting rules for existing home owners.  Mainly you need to have lived in your current residence for 5 years or more and if your married that needs to be the both of you.  One of the new guidelines that can be a determining factor is, is that for the example of converting your primary residence and buying a new home is you are going to need to qualify with both payments. The way the lenders are looking at rental property is that they need to be reported on your schedule E of your tax return in order to use rental income (or loss) and they are going to use actual figures off your tax returns and there is the chance they could ask for 2 years tax returns and the they are going to average the 2 years income from those properties to determine the income or loss from that calculations. The number of years tax returns needed well be determined when the loan is underwritten through the Fannie Mae’s or Freddie Mac’s automated underwriting programs. Also another change is that they are going to want to see 6 months reserves for each property you have financed; example if you have 2 properties and each has a $1,200. dollar payment which includes PITI then you are going to 2 x 12oo x 6 = your going to need assets of at least 14,400. now if one of the properties has an HOA fee of 150.00 you are going to need to ad that to the amount of reserves, so keep that in mind as well.  But it’s all worth it to be able to tale advantage of today’s low rates. If you would like to apply go to my business website Capital Advantage Mortgage to apply or to contact me to see if your eligible for the program.

APPLY HERE

For everyone who has investment properties you need to know; The making home affordable program works for you too. Even if your underwater and your property value is less than what you owe you can still refinance up to 105% and in some cases up to 125%. Please visit my business website CapitalAdvantageMortgage.com or leave me Andrew Hahn a comment so we can determine what you qualify for. This is a great opportunity to take advantage of these low interest rates. I’m Andrew Hahn and My company is Capital Advantage LLC. a Mortgage Lending Company. I have over 18 years experience in the mortgage industry. When looking to Refinance your properties located in Denver and the front range Give me a call 303-331-8040 or you can go to my business website and fill out a secure loan application. This program for investment properties is very similar to the program for primary residences, although there are a bit more hoops to go through and the documentation is more cumbersome it well worth it in looking to lock up long term money at these interest rates on income property. A must look at for all those with rental properties.

From Andrew Hahn its free to ask and could save you 100′s call me

Denver refinancing expert Andrew Hahn helping people take advantage of the government programs that can help people save money and take advantage of today’s low rates.