Homeowner Affordable Refinance Program Requires The Bare Necessities

The new home affordable refinance program extends an olive branch to the financially distressed families caught right in the middle of the ocean. The government has identified several area zones across the country where there are a high number of homeowners unable to get any financial relief. The obama realizes that the economy has to be pulled back on to the right track. For this the real estate values need to be stabilized and made consistent. This is possible only if the distressed homeowners are stopped from abandoning their homes. The responsible homeowners with up to date home mortgage payments cannot get any financial relief because their homes are more than 125 per cent underwater.

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 The homeowner affordable refinance program is going to help the homeowners whose homes have current values are much less than what they currently owon their home mortgage. The homeowners may have managed to be current with their monthly mortgage payments but now find it unaffordable because of the huge loss in their home equity. These homeowners will not abandon their homes only if they can get home mortgage refinance loans. The new refinance plan can help these homeowners to reduce their monthly mortgage payments to within the specific limits. It will also reduce the principal on the home mortgage which will reduce the interest payments. This will help the people living in their grossly underwater homes to save their hard earned money.

 Homeowner Affordable Refinance Program Requires The Bare Necessities

 The new home affordable refinance program will help the distressed families become happier by allowing their home mortgage refinance loans to be approved with extra benefits. Millions of homeowners can take advantage of the new plan until the last month of 2015. They can continue to live in their underwater homes because their home mortgage loans will be modified. They will get lower monthly mortgage payments and the principal reduction will reduce what they owe on their underwater homes. This will narrow the margins of the current home value and the amounts owed. These financially distressed families could not take the benefits of the previously much touted HARP aid.

 The homeowner affordable refinance program will be able to help the remaining three fourths of the total homeowners expected to originally benefit from the making home affordable programs. The lenders and home mortgage service providers have been assured of financial assistance through government incentives. These will compensate them for the benefits that are to be provided to the financially distressed families with more than 125 per cent underwater homes. The process according to the latest plan proposed by president obama will help the homeowners in each and every area possible. Many more homeowners will be able to qualify simply because the qualifying requirements have been totally relaxed. Even the condo owners and homeowners with multiple units rented out can qualify for these plans.

 The underwater homeowners will get their home mortgage refinance approved which was hitherto impossible. The lenders and home mortgage service providers simply refused to touch these home mortgage loans earlier.

New Home Affordable Refinance Program With Bad Credit To Get Better Mortgage Payment For Low Income Families

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.

Applying Online With Our Mortgage Refinance Specialists With New Home Affordable Refinance Program Will Get You Started On The Process Of Learning, Reduce Your Monthly Payments, Take Advantage Of Lower Interest Rates And Get Mortgage Relief! Click Here And Get Your Home Refinance

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.

New Home Affordable Refinance Program With Bad Credit To Get Better Mortgage Payment For Low Income Families

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

Benefit With Relaxations To The Home Affordable Refinance Program Guidelines Today

The new home affordable refinance program or HARP 2.0 is slated to remain in effect till December 2015. Under directions issued by the Federal Housing Finance Agency (FHFA), the nation’s leading mortgage servicers Fannie Mae and Freddie Mac updated the guidelines for the plan qualification. It is being estimated that more than 4 million homeowners will benefit with the revised version of the erstwhile HARP of 2009. With relaxed eligibility criteria and simplified application procedures, the HARP 2.0 will be relatively easier to qualify as compared to its predecessor. “Underwater” borrowers, whose home values have fallen, may take advantage of the new initiative and refinance homes at substantially lower rates of interests and reduce their monthly mortgage payments to save thousands of dollars annually. This way possible foreclosure of houses could be easily avoided and finances could be got back on track over the long run.

Applying Online With Our Mortgage Refinance Specialists With HARP Will Get You Started On The Process Of Learning, Reduce Your Monthly Payments, Take Advantage Of Lower Interest Rates And Get Mortgage Relief! Click Here And Get Your Home Refinance

Nevertheless, to obtain an approval for the plan, some basic home affordable refinance program guidelines will have to be met by probable applicants. These are:

1. Homes to be refinanced must be primary residences of borrowers.

2. Existing mortgages should be owned or guaranteed by Fannie Mae or Freddie Mac.

3. Present home loan must have been approved on or before May 31, 2009 unless it is Fannie loan which was refinanced between March 2009 and May 2009.

4. Borrower must be current on his monthly mortgage installments for the past 12 months with only a single pay default not exceeding a period of 30 days being permitted.

5. Jumbo mortgage loans, USDA and FHA loans will not be eligible for refinancing with the HARP 2.0 plan.

6. You can apply for the HARP 2.0 even if your home has lost all value and you owe significantly more on it as compared to its present market price.

Benefit With Relaxations To The Home Affordable Refinance Program Guidelines Today

As soon as the new home affordable refinance program went into effect few months back, results have indicated that the number of borrowers who received approvals has gone up by leaps and bounds. But still, those who are yet to get benefitted with the program need to know that proper documentation forms an essential part of the entire approval process. If the paperwork which you provide with your HARP 2.0 application is incorrect or inaccurate, there are chances that you request may get denied. It is because of this reason that one must seek help from some specialist who is well versed with the updated HARP procedures. All you need to do is just find a mortgage service provider online that is reliable and reputed.