Qualifying for Home Affordable Refinance and Modification Program from Obama Stimulus

June 18, 2010 - PRLog -- Home Affordable Refinance Program (HARP)

This mortgage refinance option is recommended for homeowners who can’t take advantage of lower interest rates due to decreasing home values. It’s required to be at par with the monthly mortgage payments to qualify for the option, and the credit history should support regular redemption. It’s meant for credit worthy borrowers. The advantage is the credit facility offered supports a fixed interest rate over the entire tenure of the loan, and could prove to be beneficial to individuals currently paying am adjustable mortgage rate as a part of their ongoing loan. In case the applicant has a bad credit history, it’s recommended he or she opts for a bad credit mortgage refinance program, which specially caters to individuals having poor or bad credit ratings.

HARP Mortgage Refinancing Qualifications

To qualify for the HARP plan, the following conditions should be met:

•   The existing mortgage loan should be owned, or guaranteed by either Freddie Mac or by Fannie May

•   The outstanding amount on the first mortgage should not be more than 125% of the current home market value

•   The mortgage payments should be up-to-date, with no late payments over the last 30 days

•   The homeowner should be able to make regular refinanced payments

•   The new mortgage facility should improve the stability of the existing loan


Sending Your Application For HARP Progrma If You Meet Above Criteria : [  http://www.loansstore.com/mortgage-refinance-loan-applica...  ]

Home Affordable Modification Program (HAMP)

This HAMP loan modification is recommended for homeowners who have defaulted n their monthly mortgage loan payments, and unlike HARP, which requires regular payments as far as the credit history is concerned. Another major benefit of this option is that it’s not required for the applicant to have availed the loan from Freddie Mac or Fannie May lending institutions.

HAMP Mortgage Modification Qualifications or HAMP home loan modification option

This option supports the modification process, and to qualify the applicant:

•   Should own and occupy the home

•   Should have an amount less than $729,750 owed for a single unit home mortgage

•   Should have a gross monthly income greater than 31% as compared to the modified loans total monthly payments

•   Should have availed the current mortgage loan on or before January 1, 2009

•   Should submit a properly documented financial hardship letter

Sending Your Application For HAMP Loan Modification If You Meet Above Criteria : [ http://www.obama-loanmodifications.com/loan-modification-... ]

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HAFA program assist homeowners who cannot manage their homes with Home affordable modification program (HAMP). HAFA offers incentives regard to short sale of foreclosure utilized to avoid foreclosure http://www.obama-loanmodifications.com