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HARP-Refinance your
Mortgage with
Making Home
Affordable Plan |
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Under harp plan, eligible
homeowners can
refinance their mortgages
to a new, potentially lower
interest rate, with
additional flexibility to
assist many homeowners who
have previously had
difficulty refinancing due
to declining property
values. Borrowers will need
to be current on their
mortgage payments to qualify
for this refinance. |
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Appraisal Value |
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The
new
loan
can
not
exceed
105%
of
new
appraisal
value.
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Example:
Two
years
ago,
you
bought
a house
for
$100,000
and
you
got
a
loan
for $80,000 with
6.00%
or
higher
interest
rate.
You
loan
did
not
have
mortgage
insurance.
Now,
due
to
the
declining
home
values
your
home
appraises
only
$80,000.
With
this
plan
your
loan
will
not
decline
due
to
the
property
value. |
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Your Current
Loan
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Your
current
loan
should
be
Fannie
Mae's
loan
but
could
be
serviced
with
any
bank
or
mortgage
company
such
as:
Bank
of
America, Citi,
Chase,
Countrywide,
Fifth
Third
Bank,
Well's
Fargo,
Washington
Mutual,
Capital
Federal
Saving,
JB
Nutter,
or
others. |
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New Loan Amount |
Your new loan
amount will
include:
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Balance
of
existing
loan |
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Closing
costs |
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Prepaid
Items |
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But, can not exceed 105% of the new appraisal value. |
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Who
Should Apply?
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The
borrowers
who are
homeowners
and are
current
on their
mortgage
payments,
but
are unable
to
refinance
because
the
home
value
has
decreased.
With
this
Fannie
Mae'
home affordable
loan
plan,
they may
be able
to
refinance
and
convert: |
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With no Mortgage
Insurance |
The new
loan will not
have mortgage
insurance, but
If your existing
loan has
mortgage
insurance, it will
not qualify
for this plan. |
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No Cash Out with
Harp Plan |
You can not get
any cash out
from this
transaction at
closing. |
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Property Types |
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Four
units |
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Minimum
Credit Score |
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For
Fannie
Mae's DU
Refinance
plus:
620 for
Primary
home and
680 for
second
home and
investment
properties |
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For
Freddie
Mac,
there
are
no
minimum
credit
score
requirements
but, if
principal
and
interest
payment
is
increasing
by
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20%
then the
minimum
credit
score
requirement
is 620. |
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Fannie Mae? |
To
find out if your
loan is with
Fannie Mae
click here |
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Interest Rate Explanations
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Interest Rate
Explanations |
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The
rates showing at the top
of this page are
conforming rates for
Kansas and Missouri
homeowners and are
based on a loan size
of $250,000. These
rates
are approximates due
to the fact that
rates change by the
hour. Since rates
for stated income
loans, loans on
rental properties,
second mortgages,
and home equity
lines of credit vary
based on the loan
size, document type
(full doc, stated
income or no income
verification),
property type (the
number of units),
and credit score, it
is very difficult to
post more accurate
rates for each of
our loan programs.
To get a more
accurate interest
rate for the loan
program that you
have in mind, please
complete the
contact request
form with
your approximate
loan size, document
type, property type,
and your credit
score (if known). A
loan officer will be
happy to provide you
with a more accurate
interest rate
quote. You can also
call us any time
from 8 A.M. to 8
P.M. seven days a
week.
Interest rates and percentage of the loan will be based
on the borrower's credit score. Interest rates
and the percentage of loan to value change for 620, 640, 660, 680, 700, 720, 740, 760,
780 and 800 credit scores.
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Why AGF Mortgage should be your
choice?
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Why AGF Mortgage should be your
choice?
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AGF Mortgage, Inc. was
founded in 1993 with a commitment to
Kansas and Missouri residents to
provide the best possible real
estate loans for owner occupied, non
owner occupied (rental home), and
second homes with low rates and low
closing costs. |
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When it comes to our
rates, whether you are an employee
or self employed, you will find the
most suitable loan program among
hundreds that we offer through over
fifty investors. Our
experience makes the loan processing
smoother and faster.
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We challenge the major
lenders in this area such as Chase,
Bank of America and others with our
low costs and excellent service. |
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Loan on Investment Property |
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Loan on Investment Property |
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Are you searching for a loan to
purchase or refinance multi family
units from 1 to 4 units (1 unit,
duplex, triplex or 4-plex) of rental
property with low rates and low
closing costs? Would you like
an expert loan officer to answer any
question you may have? If so, you
are in the right place. We have been
providing loan on investment
properties for our clients for the
past 15 years with down payments as
little as 10% .
For rental properties
over 4 units
visit AGF Commercial
Loan
site.
The states that we offer our
commercial loan are: AL, AK, CA, CO,
CT, DE, GA, ID, IN, IL, IA, KS, KY,
LA, ME, MD, MA, MI, MO, MT, NC, NE,
NH, NM, OH, OK, OR, PA, SC, TN, TX,
UT, VT, VA, WA, WV, WY
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AGF Mortgage,
Inc. is licensed in KS and
MO. Missouri Residential
Mortgage License Registrant
NO. 06-063 and
Kansas Residential Mortgage
License Registrant NO.
MC.0002312 |
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