The Home Affordable Refinance Program
is one of the popular mortgage relief programs introduced by the Obama
administration in the U.S. to help tens of thousands of financially struggling
homeowners manage their mortgage payments wisely and thus prevent risk of
defaulting on their mortgage payments and facing foreclosure. The program was
originally introduced in 2009 however some changes were made in Home Affordable
Refinance Program guidelines with HARP 2.0 to expand its reach to a larger
population of homeowners who were still underwater and struggled to make
mortgage payments. If you could not get benefited with original HARP, you may
be considered for the new Home Affordable Refinance Program.
If you are not behind on your mortgage
payments, but cannot get traditional refinancing due to fallen value of your
home, you can simply apply for HARP 2.0. Nevertheless, prior to applying, one
should be a thorough understanding of what its approval criteria are and how
the program works. You might be eligible for the new Home Affordable Refinance
Program if,
1.
The
mortgage is owned or guaranteed by Freddie Mac or Fannie Mae.
2.
The
mortgage has been sold to Fannie Mae or Freddie Mac on or before 31 May, 2009.
3.
Current
LTV (loan-to-value) ratio is above 80%.
4.
You
are current on your mortgage while refinancing. You should have a good payment
history on your mortgage in the past 12 months.
Apart from this, the modified Home Affordable
Refinance Program guidelines may allow homeowner to refinance his mortgage
regardless of how far his home has fallen in value. Moreover, some risk-based
fees for homeowners who refinance into shorter-term loans could be eliminated
or modified. Even few homeowners may not require getting an appraisal to
refinance his mortgage making the process quite faster and easier. Thus, isn’t
it easy to qualify for new Home Affordable Refinance Program? Nevertheless, it
must be made known that securing professional help of a competent and reliable
mortgage specialist is necessary. This is because, there are many mortgage
relief programs under Making Home Affordable Plan, introduced by the Obama administration,
which you should explore before making your mind for one. A specialist will
assist you in choosing the right program. Also, he will enhance your knowledge
on how to get approved for the federal mortgage refinance or relief program
fast and easy so that you can manage to pay back your mortgage and bring your
finances back on the right track
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