How to apply
Several home refinancing options are available at HomeLoanServ. They include conventional loans, rural development (RD) loans in rural regions, FHA loans, and veterans administration (VA) loans for veterans.
Requirements
The requirements differ depending on the product you are applying for.
Freddie mac 80% AMI - HFA advantage rate/term refinance
The qualifying income of all borrowers is considered when applying.
The LPA must be approved without underwrites.
Must use Freddie Mac LPA AUS for HFA Advantage.
97% maximum LTV, with lower MI.
Interest rate: 5.375%
FHLMC refi possible
Borrower income must be at or less than 80% of AMI.
Maximum LTV of 97%.
DTI maximum of 65%.
Additional rate add-ons can be found in the LLPA chart.
MI must be standard.
Only for rate/term refinances.
Manufactured homes are permitted under agency regulations.
Interest rate: 5.375%
Fannie HFA preferred lo MI 80% AMI rate/term refinance
Maximum LTV of 97%, with lesser MI.
Only for rate/term refinances.
Manufactured homes are permitted under agency regulations.
Credit/Discount points – without assistance.
Interest rate: 5.250%
Fannie HFA preferred over 80% AMI rate/term refinance.
MI must be standard.
Maximum LTV of 97%.
Only for rate/term refinances.
Manufactured homes are permitted under agency regulations.
Interest rate: 5.375%
FNMA RefiNow
Borrower income must be less than or equal to 100% of AMI.
Maximum LTV of 97%.
DTI maximum of 65%.
MI must be standard.
Only for rate/term refinances.
Manufactured dwellings are permitted under agency regulations.
Interest rate: 5.375%
Conventional rate/term refinance/cash-out refi
The qualifying income of occupying borrowers for income eligibility is considered. Non-occupying co-borrower's income is not counted for program income eligibility, and household income is not counted for the first loan.
AUS approval is required.
Additional rate add-ons can be found in the LLPA chart.
Manufactured homes are permitted under agency regulations.
Interest rate: 5.125% to 5.375% depending on the loan term
VA Cash-Out
Manufactured homes are permitted under agency regulations.
Interest rate: 5.250% to 5.750% depending on the loan term
Credit/Discount points: 0/ Interest rate: 5.250%
Credit/Discount points: +1/ Interest rate: 5.500%
Credit/Discount points: +2/ Interest rate: 5.750%
Steps to apply
Go to HomeLoanServ’s official website, and click on Create an account
Enter the details, including your name, email, phone number, username, and password.
Click on Create account to confirm.
Log in to your account using the credentials you used.
You will see a draft with your name; click on Start.
An online application form will load; fill out all the details carefully.
Select the Purpose of your loan, the Loan amount, and the percentage of value you want to pay as a Down payment.
Confirm the loan amount and your payment method. Click on Next.
Enter the Property type, its Use, Number of Units, Construction type, and the year it was built. Click on Next.
Select the number of creditors applying for a loan. If you are applying with a co-borrower, click on Yes or vice-versa. Enter the number of applicants and click on Next.
A new form will open, and enter all the unfinished details like your DOB, Social security number, and other personal details.
Then you will be taken to the final page, review your application and click on Submit to apply for the loan.
After this, the banking officers will come to verify your property, and the loan will be given based on that.
