100% Home equity loans

100 % Home loans equity loans are nothing new. There have been many variations of these loans over the years. The loans basically cover 100 % value of your loan or more and up to 125% percent in many cases. Now there is a new twist for the same loans.

During the Great Recession home values have plunged and have been cut in half from the 2006 values.  This is has resulted in an inordinate amount of foreclosures and jobs losses nationwide.  In order to slow down the trend of mortgage defaults and foreclosures the Federal Government  has enacted  what is known as Home Affordable Refinance Program or called HARP under the Treasury Dept, which allows loans up to 125% of the value of your home to borrowers. The home loan needs to be originally backed by Fannie Mae or Freddie Mac.

This 100 home equity loan program provides a way for borrowers who have negative equity and whose mortgages are underwater, to refinance and repay the old loan. If your loan amount is at least  125%  of the property value these loans may work for many borrowers.  Good credit is required and guidelines are strict at best. These type of loans are projected to help 4 million home owners if implemented correctly.

For those homeowners who are unable to make payments refinance advice and help is also available with the Home Affordable programs, even if you are unemployed. If your property is in these five states – Arizona, California, Florida, Michigan and Nevada you may qualify for special help.

Basic Requirements for  Home Affordable Refinance Program ( HARP )
The property owned  is a single family home or you occupy one unit of the 2-4 unit property as personal residence.
The loan on the subject property is guaranteed by Fannie Mae or Freddie Mac
The mortgage is current with no delinquencies more than 30 days in past 12 months
The loan amount does not exceeds 125% of the current appraised value of the property
You can qualify to make new payments as required
The refinance will improve the long term affordability of your home and loan.

The 100% home equity loan can actually become a 125% home loan and it will help support communities and stop foreclosures. Most homeowners however have no idea that these loans are available, since these guidelines have not been well publicized and made available to borrowers. If you have come to this site you will know that even in today’s economy 100% to 125%  home loans are available.

RE: 100% home equity loans