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Homeowners Assistance Programs for Refinancing

By B Wood
Jan 28th, 2014

homeowners assistance programsThe housing recovery and job growth have not yet reached a point to improve the lives of all Americans. Many people are still struggling to make their mortgage payment on time due to high interest rates. The good news is that mortgage rates are low and simply refinancing can put extra money in your pocket, making it easier to pay your bills.

Several states, like Arizona, have launched Homeowners Assistance Programs aimed at educating homeowners and providing resources they need to make their home mortgage more affordable. In California,there are the Keep Your Home programs that can assist homeowners in times of crises.


Programs that Can Save You Money on Your Mortgage Payments

FHA Streamline Refinance – If you have an existing FHA home loan,the FHA Streamline Refinance program can help you by lowering your interest rate and your monthly loan payments. Homeowners can qualify with bad credit, no job, or lower wages than they used to have. This is a fantastic way to save money using an easy refinance program. To see if you qualify call an FHA approved lender.

VA Interest Rate Reduction Loan – This is the VA’s version of a streamline refinance and can also save you money, even if you income and employment situation have changed. Speak with a VA approved lender to get current interest rates.

HARP Loan Program – HARP was designed for people that have Fannie Mae and Freddie Mac loans. In order to qualify,you need to owe more than 80 percent of your homes value. It doesn’t matter how much you owe on top of your home’s value. The key is you need to be making your mortgage payments on time.

Unemployment Help – The State of California’s Employment Development Department offers assistance to unemployed homeowners with up to $3,000 a month to go toward loan payments.

Local Loan Programs – Several cities and counties throughout the country offer local programs designed to help homeowners that are facing financial difficulties. You can learn more about California programs here.

Don’t make the mistake of thinking that because your loan payment is too high, you are making less money than you used to, or your home’s value has gone down, that you don’t qualify to refinance. This should always be the first option you look into. Refinancing can help you to afford your home and create long term, positive change in your financial situation. The additional homeowner’s assistance programs are great options for the short term but eventually you will have to go back to making your mortgage payments on your own. Lower the interest rate now can make that more affordable.

In order to explore all of your options speak with a mortgage banker that is an FHA approved lender, VA approved lender, and local expert. They can advise you and work with you to create a long term financial plan that helps your family to live in your home comfortably.