If you are looking to apply for a refinance mortgage no income verification loan program with bad credit then you may have several options to explore. Here is some crucial information relating to the same that you may find useful.
There could be variety of options for getting refinance mortgage no income verification loans. However, the real issue could be the down payment part. Although conventional lenders ask applicants to pay hefty down payments, it is possible to look for programs where obtaining an approval for a home refinance loan with lower income and very low or no down payment. The internet could be the best place to get information about such loan dealers and you might well end up saving time and money. To that effect, if you are thinking of getting your house refinanced to a lower interest rate, here are few alternatives, which you may explore to make the most out of your investment.
- The Federal Housing Authority (FHA) provides no credit check no income verification loans to probable borrowers with a down payment requirement that is as low as 3.5% of the loan amount. You only need to prove that you have a stable job and are in a financial position to repay the loan dues. Besides, the eligibility guidelines are also very lenient.
- There are several government-sponsored programs for refinancing mortgage loans to lower rates both at federal as well as state levels. The USDA and VA home loans could be classic examples of these programs. There is no down payment requirement but still, it is worthwhile to talk to a local mortgage expert to know the latest qualification criteria.
- Low interest rate refinance mortgage with no proof of income programs are also available through national mortgage servicers like Fannie Mae and Freddie Mac. Fannie Mae offers the HomePath and Home Ready programs for programs while Freddie Mac has its own Home Possible program. All these programs have low down payment requirement but charges of Private Mortgage Insurance (PMI) could apply. To know more about loan features and conditions, talk to a local expert today.
- The Good Neighbour Next Door housing program is specially designed to benefit firefighters, teachers, police officers and EMTs. You can consult a HUD counsellor to learn more about the program if you fall in any of the above categories.
There may be other alternatives for securing no income verification mortgage refinance loans. Some non-profit organizations may also provide housing loans to families with low incomes. A better idea will be to fix free consultation with a competent mortgage specialist or HUD certified counsellor. There are few websites that can help you with the task of fixing free consultations with local experts as well as assist you in the shopping process. You only need to find a reliable and reputed website like MortgageRefinanceBadCredit.com.
