The home refinance
affordable program has been a vital part of the Obama Administration’s
all-inclusive effort to provide relief to families facing the risk of
foreclosure for their homes. It is further expected to help the housing market
to recover from a historic housing crisis. Homeowners who are striving to hold
on to their homes in a situation where homeownership is increasingly becoming
unaffordable can very well benefit from this home affordable refinance plan.
Even after failing to get conventional refinancing, inspite of being regular on
mortgage payments, they can apply for HARP 2.0 of MHA(Making Home
Affordable) program.
HARP refinance, as it is
officially know, was designed to help borrowers across the country to refinance
for a better, more affordable loan plan, when refinancing was beyond their
reach due to the declined home value. The Obama administration effected some
changes to its eligibility guidelines to make it more feasible for a greater
number of distressed homeowners. The home refinance affordable program allows
borrowers to refinance even when they are in the deep with underwater
mortgages. This would allow a borrower to make payments that are more
compatible with the present valuation of the home. Moreover, the monthly
repayment plan would be more in accordance with the repayment capacity of the
borrower. When so much is possible through a refinance program, it would be
prudent to take maximum advantage.
Normally, finding a
lender ready to refinance an underwater home is improbable. This is exactly why
refinancing through HARP becomes an unique opportunity. Borrowers with little
to no equity in their homes, too, can take advantage of prevailing low interest
rates and other refinancing benefits, through this home affordable refinance
plan.
Can The Home Refinance Affordable Program Help You To Save Both Your Home And Money? Find Now
While applying for a
refinance, some guidelines that apply to this program should be borne in mind.
To qualify for the program,
- Freddie Mac or Fannie Mae should own and back the present loan.
- Fannie Mae or Freddie Mac should have taken responsibility for your loan on or before May 31, 2009.
- The mortgage shouldn’t be a HARP refinanced one, unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
- The ratio of the amount of the loan to the value of property (LTV ratio) must be greater than 80%.
- The payment history of the past 12 months should be impeccable.
The eligibility criteria
and benefits for the plan can be better understood with the help of expert
guidance. Some websites have lots of resources in the form of competent
professionals and experts of this field. Taking their help could mean not
losing out on opportunities, for want of correct information. A team of
knowledgeable loan refinance experts, who are well aquainted with the legal
rules and regulations that apply to the home affordable refinance plan.
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