There are lots of people out there who are searching for options for mortgage relief. A quick search will reveal options for programs such as FMERR and HARP; however, many of the articles regarding these programs are a bit outdated. This makes them misleading. Sometimes, people might think they can apply for these programs when, in reality, they cannot. These programs have expired. Fortunately, there is another option for HIRO.
What Is HIRO?
HIRO is the mortgage relief refinance program for 2020. Run by Fannie Mae, this program does have some similarities to its ancestors (HARP and FMERR); however, it also allows homeowners to refinance even if they don’t have any equity. Furthermore, there isn’t a maximum LTV (loan to value) ratio. The biggest difference between HIRO and prior programs is that only people who currently have mortgages through Fannie Mae are able to qualify.
Some of the other conditions of this program include:
- The loan must have been originated on or after October 1, 2017
- There is a long history of making payments on-time
- There cannot have been any more than one late payment in the prior year
- There cannot be any late payments in the last six months
- The loan to value ratio is at 97.01 percent or above
If these conditions are met, someone might be able to find mortgage refinance relief through HIRO.
Reasons To Refinance
Of course, if someone is looking to apply for this program, there must be some tangible benefit. Some of the reasons why someone might want to refinance include a lower monthly payment, a loan with an earlier end date, or a transition from a risky adjustable-rate mortgage to a much safer fixed-rate mortgage. These are a few of the common reasons why someone might want to refinance through HIRO.
Options For Government-Backed Loans
If someone has a mortgage through a government program such as USDA, VA, or the FHA, they will need to apply for other mortgage relief programs. This means looking for streamline refinances. These are specific refinance programs that are meant for people with loans backed by the government. These programs often have less paperwork because there is no need to verify income or employment. Furthermore, there is no need to get the home appraised.
It can be a tremendous challenge to suddenly be stuck at home during the COVID-19 crisis. For those who are in an area of the country where there is a “shelter in place” order, this can feel very much like house arrest. If there are children stuck at home as well, this could be enough to make the entire family go stir crazy.
During the COVID-19 pandemic, it is more important than ever for everyone to make sure they act in the best interests of their local communities and the world as a whole. This means that everyone should follow the advice of the Centers for Disease Control and Prevention (CDC), practice social distancing measures, and obey all orders to shelter in place. When families are stuck at home, it is important to ensure the house is sanitized. This will prevent the spread of this dangerous virus. There are a few measures that everyone should take to make sure their home is as clean as possible.
Federal housing agencies and government-sponsored enterprises Fannie Mae and Freddie Mac are responding to the COVID-19 outbreak with multiple relief programs for homeowners experiencing hardship due to illness and job loss.
The COVID-19 (Coronavirus) pandemic has impacted every industry across the country. Many people are being asked to shelter in place and everyone has been asked to practice social distancing to try to curtail the spread of this deadly virus.
By now, it should be apparent that this COVID-19 (Corona-virus) pandemic is going to be here for several months. It is already causing the market to plummet and is disrupting jobs all over the country. Many people who work as hourly employees (or are independent contractors) are starting to suffer. As people’s budgets start to feel the squeeze, this is exactly the time that people should be relying on an emergency fund; however, for those who don’t have one, it is time to start saving.
There are a lot of people who enjoy working from home; however, with the COVID-19 pandemic, many people who are not used to working from home are forced into this new arrangement. It can be hard for individuals o stay focused when they are stuck in the environment at home. Particularly if the kids are home from school, it is easy to get distracted. Fortunately, there are a few ways people can retain their sanity as they work from home.
If you have paid attention to the news recently, you have probably heard about the coronavirus pandemic which also goes by the name COVID-19. Those who are exposed to the virus might be asked to place themselves in quarantine. Some states have even told their residents to shelter in place. While this infection has forced everyone to change the way they live their lives, there are still some home improvement projects you can tackle during quarantine to put your free time to use.
According to data from the National Association of Realtors, existing-home sales increased by 3.6% in December 2019. That pace is the strongest month-over-month in almost two years, since February 2018. The sales figures were also up 10.8% from what they were in December 2018.