To qualify for a low interest rate refinancing home mortgage by using the Obama housing stimulus and relief plan, one must satisfy the below mentioned basic eligibility guidelines.
1. Existing mortgage loan must be owned or guaranteed by either Freddie Mac or Fannie Mae
2. To be eligible, current home should have been approved on or before the 1st of January, 2009
3. The home which is to be refinanced has to be owned and must be the primary residence of applicant
4. For a single unit family home, borrower must have an unpaid home loan balance not exceeding $729,750
5. Applicant has to be current on his monthly payments for the past 12 months. Only one default not more than 30 days is permitted.
6. Financial hardship situation has to be well documented along with valid causes to convince lenders
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There could be reasons why one needs to seek specialist mortgage refinance online help when considering applying for the Obama home refinance plan. Qualifying for the government program will not be that easy as borrowers may be required to prepare and submit correct as well as accurate paperwork along with their application if they intend to improve their chances of getting approved. During the procedure, applicant will be needed to perform certain complex calculations and if he is unfamiliar with these, approvals can be hard to come. Companies which provide expert mortgage services online have experts who could be well versed with the eligibility guidelines and process requirements that apply to the Obama home refinance plan. However, borrower must make sure that he has found a service which is totally reliable and reputed.
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Hence, to get more information on your low rate home refinancing loan or refinance second mortgage options, it is hereby recommended to use the professional services offered by reputable online mortgage service providers like USLoanz.
USLoanz is a leading mortgage service company in the United States which has been in active business for the past seven years or even more. Over the years the firm has helped borrowers to successfully modify or refinance their mortgages and save homes from getting foreclosed. Customers, who are interested in determining their eligibility for loan modifications, principal reductions or home refinancing, can visit its website at www.usloanz.com.