Great Advice For Programs Home

Introduction

The government has taken measurers to assist home owners who are “underwater” on their home values, to refinance their mortgages through the home affordable refinance programs home. Home owners who are struggling to meet their mortgage costs or are unable to access traditional refinancing due to the value of their house, will be able to obtain a new, more affordable and stable mortgage, under home affordable refinance programs home.

Step 1

Mortgage lenders often require home owners to have a considerable amount of home equity in the homes (usually 20 percent) in order to refinance their loan. However, considering the drop in home values over the past few years, that requirement has locked out a number of home owners who want to get out of an adjustable-rate mortgage. Fortunately,  home affordable refinance programs home will enable some home owners to overcome that challenge.

Step 2

The home affordable refinance programs home was lunched in 2009, to enable home owners to cut borrower fees on short-term refinanced mortgages. It also eliminated a cap that prevented home owners who owe more than 125% of the value of their house, from accessing the program.

Step 3

The home affordable refinance programs home is especially useful to homeowners whose property has depreciated considerably, after the housing market collapse of 2008. Individuals, who owe more than 125 percent on their mortgage, will be able to qualify for the program. For instance, if your house is worth $300,000 and you owe $375,000 on your mortgage, you can be able to borrow up to $375,000 to payoff your first loan, and refinance your mortgage under HARP with new terms and conditions pegged on the loan.

Step 4

The home affordable refinance programs home is especially useful to homeowners whose property has depreciated considerably, after the housing market collapse of 2008. Individuals, who owe more than 125 percent on their mortgage, will be able to qualify for the program. For instance, if your house is worth $300,000 and you owe $375,000 on your mortgage, you can be able to borrow up to $375,000 to payoff your first loan, and refinance your mortgage under HARP with new terms and conditions pegged on the loan.

Step 5

Home affordable refinance programs home lenders are also loosening up their requirements on minimum credit scores and suspending the usual requirement for applicants to have private mortgage insurance, as long as their previous mortgage did not require it.

Tips

Eligibility to the home affordable refinance programs home is restricted to home owners who meet the criteria below:

• Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac.

• Your mortgage must also have been sold to Freddie Mac or Fannie Mae, by May 31, 2009.

• Your mortgage should not have been refinanced by the program, unless it’s a Fannie Mae loan that was refinanced under the program between March-May, 2009.

• The current loan-to-value of your mortgage should be higher than 80 percent.

• You should be current with your mortgage payments and not have missed more than one payment within the past 12 months.

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