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How do the interest rates compare to the Federal Program, Making Homes Affordable & a Coventional ln

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October 21 2009 - Saint Charles
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The rates for the Making Home Affordable program may be the same as conventional rates.  This depends on the loan to value and your credit scores.

However, there are man benefits to this program for borrowers in a home that has decreased in value.
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March 06 2010
Any specialty program or conveniences you look for in a loan program all come at a cost in the form or higher rates or points.  Conventional financing will typically have the least in fees and lowest available market rate.  Because FHA financing allows very small downpayments and more credit relaxed guidelines, the rate is a step higher with Upfront Mortgage Insurance Premiums and higher fees. 

Making homes affordable programs are only for existing homeowners for refinancing, but follow the same concept of FHA vs. Conventional.  The homes affordable programs allow up to 125% refinancing of the home value, but definitely with a higher rate and cost compared to FHA and Conventional.
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October 27 2009
 
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