There are several refinancing mortgage program options available, including:
- Conventional Refinance: A conventional refinance is a traditional refinance option that is not backed by a government agency, such as Fannie Mae or Freddie Mac. This type of refinance is typically best for borrowers with good credit scores and steady income.
- FHA Refinance: An FHA refinance is a type of refinancing option that is backed by the Federal Housing Administration (FHA). This program is designed to help borrowers with lower credit scores or limited down payment funds refinance their mortgages.
- VA Refinance: A VA refinance is a type of refinancing option that is available to eligible veterans and active-duty service members. This program is designed to help these individuals refinance their mortgages with favorable terms and conditions.
- USDA Refinance: A USDA refinance is a type of refinancing option that is available to borrowers with homes in rural or suburban areas. This program is designed to help these borrowers refinance their mortgages with favorable terms and conditions.
- HARP Refinance: The Home Affordable Refinance Program (HARP) is a federal program designed to help homeowners refinance their mortgages if they owe more than their home is worth. This program is only available to borrowers with mortgages that are backed by Fannie Mae or Freddie Mac.
Overall, there are many refinancing mortgage program options available, each with their own eligibility requirements, benefits, and limitations. It’s important to carefully research and compare these options to determine which one is best for your financial goals and circumstances.