There are some
encouraging reports on the housing situation. Recent study shows less
foreclosures and a decent amount of purchase of homes, in certain areas. Home Affordable
Refinance Program can be credited for this situation. Responsible homeowners, who are striving to stay
current on their mortgage in a situation where homeownership is increasingly
becoming complicated, should also take recourse from this program. The Obama
administration had came up with MHA programs to tackle exactly these kind of
mortgage situations that prevailed across the country.
Homeowners, who can comfortably manage to pay their
mortgages but are unable to get conventional refinancing owing to the actuality
of now reduced home value, can very well benefit from this MHA program - to
acquire lower interest rates. Home Affordable Refinance Program 2013 is equally
useful for homeowners struggling to pay mortgages, owing to difficult financial
circumstances. HARP was actually brought in to help thousands of borrowers to
refinance for a better, more affordable loan plan, when refinancing was beyond
their reach due to the reduced home value and the resulting financial crisis. Now
the administration has announced an extension, till December 2015, for all MHA
programs. Therefore, borrowers can hope to find more lenders proffering Home
Affordable Refinance Plan at better terms. Many of the stringent eligibility
guidelines, that the borrowers faced in the earlier version of HARP have been removed
in the new HARP 2.0. This should be able to bring in more homeowners under the
ambit of the program. However, hopeful aspirants should know that qualifying
for refinancing isn’t that easy, so it would be in their best interest to ensure
that failure doesn’t await them at the application
stage itself.
To be eligible for refinancing through HARP 2.0, borrowers should
follow all of the criteria mentioned below:
Your mortgage should be owned or guaranteed by Freddie Mac
or Fannie Mae.
Your mortgage should have been sold to Fannie Mae or Freddie
Mac on or before May 31, 2009.
Your mortgage should not have been refinanced under HARP
previously, unless it is a Fannie Mae loan that was refinanced under HARP from
March-May, 2009.
Ratio of the current loan amount to the value of your home
(LTV ratio) should be greater than 80%.
You must be regular on mortgage payments, at the time of the
refinance, and should be able to show a good payment history of past 12 months.
To qualify for this Home Affordable Refinance
Plan 2013, home owners may take help from experts available on some
leading websites like www.mortgage-refinanceprograms.com
No comments:
Post a Comment