Mortgage Refinance Guidelines

Understanding the 2013 mortgage requirements and refinance guideline is imperative to shop loans efficiently online. Recently, there have been major changes in respect to FHA, VA and streamline guidelines. More income and home equity seems to be the trend with mortgage refinance guidelines in 2013 and 2014. Refinance lenders offer several types mortgage loans for rate refinancing, cash out and debt consolidation. Homeowners can select from FHA, VA, 30 year, 40 year, fixed, variable, interest only, option ARM and home equity loans. Most refinance loans offer the choice of a fixed or adjustable rate term for refinancing. With new refinance programs, like the 2012 HARP 2.0, more and more homeowners have become eligible for home refinancing even if they have no equity. Fannie Mae and Freddie Mac eased 2013 refinance guidelines as they underwriting has eliminated all loan to value restrictions.

Lenders Are Easing the Mortgage Guidelines for Refinancing in the U.S.

Today many borrowers are aimlessly searching for a refinance solution that will refinance their escalating adjustable rate mortgages into a fixed rate mortgage that meets the demands of their family budget. Refinancing your mortgage online can be daunting, so it is imperative that you work with a trusted mortgage lender, like BD Nationwide.


With lenders making the refinance guidelines more streamlined, you can expect more homeowners to qualify for home refinancing this year. BD Nationwide has positioned themselves to offer the most attractive refinance loans available online. You can expect lower rates and reduced lending costs on most of our loans for mortgage refinancing purposes this year.

Helpful Tips to Qualify for the Current Mortgage Refinance Guidelines

  1. Don't get behind on your bills, especially your mortgage payment. Lenders rarely approve a borrower who is late on their home loan in the last 12 months.
  2. Keep your debt to income ratio low by not take out too much credit. Whenever you take out new loan or obligations it raises your debt to income ratio. Most conforming guidelines for mortgage refinancing are looking for borrowers to be under 38%. Some FHA and VA lenders will approve refinancing with debt ratios from 41 to 44%.
  3. Shop and compare loans from lenders that have experience with home refinancing in today's marketplace.
Top Loans for Mortgage Refinancing This Year

HARP Refinance - The HARP refinance guidelines have seen some exciting changes in 2013. The Federal Housing Finance Agency mandated that Fannie Mae and Freddie Mac waive their "loan to Value" requirements on all loans eligible under the Home Affordable Refinance Program. HARP 2.0 could help millions finally qualify for refinancing.

FHA Streamline Refinance - The FHA eased their refinance guidelines a lot like Fannie and Freddie as now there is no appraisal required and no LTV factored into rate refinancing for current FHA borrowers.

Bad Credit Refinance - With millions of homeowners suffering from lower credit scores, the demand for bad credit refinancing has soared with the VA and FHA.

30-Year Fixed Mortgage Refinance - With fixed 30-year rates available at 3.25% it makes sense that homeowners would migrate towards the most secure and affordable loan of all-time. We provide home refinancing help that helps people save money.

Home Refinancing Help
No Income Mortgage Refinance - Some borrowers need a loan program that allows them to refinance with limited income documentation.


Mortgage Refinance Programs

BD Nationwide has implemented several refinance loan programs to assist borrowers with lowering their monthly payments to free up their cash flow.

Check out our updated guidelines for refinance loans that feature simple interest amortization with options for "no pre-payment penalties, "no lender fees, and of course "no points."

Home loan refinancing is a critical financial decision that merits careful consideration. Choosing a fixed or adjustable rate has a long lasting impact, so select your refinance loans wisely.


Refinance Loan Guidelines
Refinancing Terms
Amortization Schedules for mortgage loans

5-Year
10-Year
15-year
20-year
30-year
Maximum Mortgage Refinance Limits Loan Amount- $3,000,000
Income Documentation Requirements: Full Documentation
Stated Income
Verified Employment
No Asset Verification
Loan Purpose Cash Back
Loan Consolidation
Home Improvement
Rate and Term Refinance
Ownership Type Primary Residence, Owner Occupied, 2nd Home, Investment
Home Types SFR 1-4 unit, PUD, Condo unlimited stories
Appraisal . Statistical Appraisal
. 2055 Drive-by Appraisal
. Full URAR Appraisal
Credit Reports Lower of 2 credit bureaus and Middle of 3 bureaus
High Credit Score
Borrower Eligibility U.S. Citizen; Permanent Resident Alien;
First-Time Homebuyer; Non-Occupant
Co-Borrower; Non-Permanent Resident Alien.

Our commitment is to provide homeowners with "out of the box" refinance products that help home refinancing and consolidating to lower your monthly payments to maximize savings.

3 Tips on 2012 HARP Refinance Guidelines Expanded by Fannie Mae

Fannie Mae Published New Mortgage Guidelines for the Home Affordable Refinance:

1. Expand opportunities for Fannie Mae to Fannie Mae refinances through Refi Plus™, which inc Desktop Underwriter® (DU®) and manual underwriting eligibility

2. Fannie Mae agrees to Obama's request for no caps on loan to value ratios on the new HARP loans and additional underwriting flexibilities of >105.01% are limited to fully amortized home loans with fixed interest rates with a maximum amortization of 30-years or 360 months.

3. Fannie offers a refinancing solution for borrowers with LTVs above 80% who currently may not be able to refinance because of mortgage insurance (MI)

For 2013 HARP Refinance Eligibility, please see Fannie Mae Loan Look Up.


Recent Refinance Posts from Nationwide Mortgage Blog
Refinance Guidelines

 

Resource Tools


ARM vs. Fixed Rate Calculator
How does a fixed rate 1st or 2nd mortgage compare to an adjustable rate mortgage or home equity line of credit?

Best Time to Refinance
Typically the time to refinance is when a borrower has the opportunity and ability to replace their existing loan with a new mortgage that has better terms and lower interest.

How to Refinance a Mortgage
Let our loan officers help you better understand today’s mortgage refinance guidelines and requirements.

Refinancing for Cash Back
Qualified homeowners have the option to get money back in mortgage refinance loans.

Interest rates could be on the rise. Find out today's mortgage refinance rates and lock into a fixed rate mortgage that saves you cash each month.

Disclosure: The 3.25% rate mentioned on this page was in reference to the 30-year mortgage refinance program that offered a 3.25% rate with a 3.47% Annual Percentage Rate with $1,650 in lending costs on a $295,000 loan. Check with loan officer for minimum credit score and debt to income ratio requirements. Credit score and LTV requirements vary depending upon whether you are comparing refinance guidelines from Fannie Mae, Freddie Mac or the Federal Housing Administration.

 

Additional Refinancing Pages:
Refinancing after a Bankruptcy | Adjustable Rate Refinance | Refinancing Loans | Mortgage Refinance Options | 100% Mortgage |
Sub-Prime Mortgage Refinancing | Mortgage Refinance Guidelines | Rate and Term Refinancing | Mortgage With Bad Credit | Underwater Mortgage | Streamline Refinance | Fixed Rate Mortgage Refinancing | Money Mortgage Refinance | 100% Refinance | Cash Out Refinance

Home Refinance Programs | Conventional Loan | Home Loan for Bad Credit | VA Loans | Government Loans | FHA Refinancing Loans | Second Chance Mortgage | Government Mortgage Refinance | FHA Mortgage Refinance
Apply Now | Disclosures and Terms | FHA Mortgage Loan State Guidelines
BD Nationwide Mortgage, 515 Encinitas Blvd. Ste 100, Encinitas, California 92024
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