There are a bouquet of refinance programs,
to suit an individual mortgage situation, in
the Obama home refinance program. At present the good news is that, homeowners actually
have the opportunity of refinancing for underwater mortgages even if they are
deeply so. The rising interest rates make refinancing a tougher prospect, but
still it offers a solution. Obama home refinance program 2013 has HARP 2.0
which is one of the few program that shows a way out of such mortgage predicaments.
The
U.S administration expected homeowners to not only hold on to their homes, but
also to benefit financially from the various programs that have been put in
place in lieu of the housing crisis. More than 2 million families have
refinanced through the Home Affordable Refinance Program (HARP) and more than
1.1 million families have refinanced through FHA's streamlined refinancing
program. Obama
Home Refinance Program 2013, is a program that serves the purpose of
providing refinance solutions to homeowners stuck with expensive or underwater
mortgages. It helps homeowners to secure a new, more affordable and more safe
mortgage. HARP is a module of Making Home Available(MHA) program. Lenders
weren’t keen to refinance on underwater mortgages before the arrival of this
program. The availability of HARP 2.0 has now been extended till December 2015.
Earlier, the plan was meant to be effective till 2013.
There
Are Many Benefits To Saving A Sizeable Amount, Every Month, Through Lowered
Mortgage Payments. Some Eligibility Criteria To Qualify For HARP Refinancing
Are Mentioned Below For Your Convenience.
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.
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
You should also be aware that to refinance under HARP
2.0 Program, a loan application and underwriting process is required. Also
remember that refinance fees will apply, for the same. To qualify for this Obama Home Refinance Program 2013
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