Qualifying for a Homeowners Assistance Program (Do we want Home Affordable Refinance Program or HARP here?)

Qualifying for a Homeowners Assistance Program (Do we want Home Affordable Refinance Program or HARP here?)

Have you been struggling with your mortgage or looking for some other type of assistance as a homeowner? If so, there may be a homeowners assistance program that you can use to help. The problem, however, is actually qualifying for this type of program. Fortunately there are some ways to help yourself become qualified for a homeowners assistance program but it might not be a quick and easy process. Instead, you might need to take some time, do some research and even reach out to some type of alternative option in order to get the assistance you need.

Why Government Help May Not Be the Answer
The US Government is well aware of the fact that some homeowners need help when it comes to their mortgage. This doesn’t mean all homeowners are having problems paying their mortgage, there are certainly other reasons why people may be looking for assistance. For example, you may be looking for help getting money out of your home in order to start a business or perhaps you are being smothered by one of those jumbo loans that many have found themselves with. Either way, you have a unique situation and the US government has some pretty stringent terms when it comes to the assistance they will offer. Because of this, for many people, they will not even pre-quality for this type of help. Instead, they need to look for other options.

There is Help Out There
If you don’t have the government to help out where can you turn? Luckily there are companies out there that specialize in helping people who have found themselves in unique lending situations. This is where you need to turn if you are a homeowner who isn’t expecting that traditional options are going to work.

In order to find these companies, you can usually do an internet search. During this search you should not only be looking at the websites of companies dealing with unique financing, you should also be doing things like looking at reviews that others have left for the companies and even look at ratings from organizations like the Better Business Bureau. Of course, you can always talk to people you know who may have used companies like this and get recommendations. As you can see, there are many ways to find help when you need it.

Types of Help
There are a host of government programs out there and a quick search on the internet will reveal them, however many individuals will NOT qualify for such programs, so what are the other types of help available?

Private Lenders, there are many private lenders out there. These are small local banks and even specialized lending institutions. However, there are two distintic issues that one must be aware of. First is they usually charge exceedingly higher interest rates than traditional lenders, sometimes 3x-4x the interest rates. Second, many require a combination of qualified collateral (like equity in a home), coupled with a lengthy proof of income (usually a couple of years of W-2). These private lenders serve a purpose, perhaps you don’t qualify for a traditional loan. One must make sure to understand the terms of any private loan and it is highly recommended to have an attorney review any documents before you sign them and also expecility review the risks, responsibilities, accountabilities, and liabilities involved with such a loan.

Private Lines of Credit (LOC), unlike private lenders these businesses offer lines of credit to well qualified individuals and usually at competitive rates. For those with Jumbo Loans, in which government solutions are limited or non-existant, these companies are an excellent alternative to help with homeowners assistance programs.

When you need a solid homeowners assistance program, contact Capital Solution Services. Here you will find a team of top industry professionals ready to meet your financial needs. Contact them or visit online, website.

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