Making Home Affordable Programs Allow Refinancing At 2%

Aug. 6, 2010 - PRLog -- Thereby, it is important for individuals, who till date have either not applied or failed to qualify for the federal mortgage modification or refinance plan, to understand how they can actually benefit from the government backed schemes.

President Obama’s Making Home Affordable Programs allow borrowers to secure mortgage rates as low as 2% by getting their existing mortgages modified or refinanced. Both the HAMP as well as the HARP have helped thousands of struggling households to save their homes from possible foreclosures as well as hundreds of dollars every month on mortgage payments. Thereby, it is important for individuals, who till date have either not applied or failed to qualify for the federal mortgage modification or refinance plan, to understand how they can actually benefit from the government backed schemes.


The Making Home Affordable Refinance Program (HARP):

By being eligible for the Home Affordable Refinance Program (HARP) homeowners can refinance their existing home mortgages with mortgage rates as low as 2% even if they owe more on the home than its actual market worth. The HARP guidelines permit house makers to get refinance loans up to 105% of their current housing values. But borrowers are required to be current on their present mortgage payments for the past 12 months with any default in payment not exceeding 30 days. People, who have seen their home prices plummet dramatically on account of the housing crisis, can benefit considerably by availing this option since there is absolutely no need of any home equity or cash equivalent for either refinancing or modifying their home mortgage loans by using the federally supported Obama mortgage refinance program.

Check If You Qualify for Home Affordable Refinance Program : [ http://www.obama-loanmodifications.com/refinance-applicat... ]

The Home Affordable Modification Program (HAMP) :
Another alternative available under the “Making Home Affordable” plan is to avail a loan modification of your existing home mortgages. Individuals who have missed some monthly mortgage payments during the past 12 months can get 2% interest rates on modified mortgage loans. Nevertheless, your current home mortgages need to be essentially owned or backed by Freddie Mac or Fannie Mae to get a guaranteed approval for the Obama home affordable modification program.

Check If You Qualify for Home Affordable Modification Program: [ http://www.obama-loanmodifications.com/loan-modification-... ]

The Making Home Affordable Plan thus, offers unique opportunity to borrowers, who have gone upside down on their current home mortgages. By refinancing or modifying their current home mortgages, households can continue to stay in their homes and overcome the financial hardships faced in the long run. However, the process of qualification might not be that easy considering the subtleties involved. That makes it necessary for you to avail expert guidance from reputed online service providers like LoansStore when you are out to modify or refinance your existing mortgages. This could be of immense help in understanding the Making Home Affordable eligibility requirements besides being actively assisted in preparation of the legal documentation which needs to be furnished along with the loan modification or refinance application to enhance your chances of getting an early approval.

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