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All U.S. states are automatically eligible for HOME funds, and each receives a minimum of $3 million for the program, while local governments receive a minimum of $500,000 (unless the United States Congress assigns $1.5 billion or less to the program, in which case they receive a minimum of $335,000). [2]
The Home Affordable Modification Program (HAMP) is a government program introduced in 2009 to respond to the subprime mortgage crisis.HAMP [10] is part of the Making Home Affordable program (MHA), [11] established in concert with the Hardest Hit Fund program (HHF) [12] under the Troubled Asset Relief Program (TARP), a part of the Emergency Economic Stabilization Act of 2008. [13]
The Home Affordable Refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.
“An FHA streamline is a unique loan program because there is no income qualification or appraisal needed,” says Brian Green, a mortgage lender and licensed loan officer in Sacramento, Calif ...
Here is our comprehensive guide to both first-time homebuyer loans and programs. ... FHA loans allow you to buy a home with a minimum credit score of 580 and as little as 3.5 percent down, ...
The first-time buyer class requirement also applies to the HomeReady program. FHA loan. Income requirement: None. DTI requirement: No more than 43% (50% or more in some cases)
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