Qualify For The Home Affordable Refinance Program , Program To Support Borrowers For A Long Period

June 27, 2013 - PRLog -- Home Affordable Refinance Program HARP was originally introduced in 2009 by the Obama administration to help a large population of homeowners get mortgage relief with refinancing. Home affordable refinance plan is a federal government program that is designed to help underwater or near underwater homeowners refinance their mortgages to get a more affordable and stable product and also prevent foreclosure. In 2011, the Obama administration made few changes in HARP eligibility guidelines to expand its reach to larger population of financially struggling homeowners. So if any homeowner did not apply for original HARP due to its stringent approval criteria, one can now give it a try with HARP 2.0.

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One of the major changes made in home refinance affordable program is that borrowers could now be able to refinance their mortgages regardless of how far their homes’ value has fallen. Moreover certain appraisals and underwriting may also be eliminated making refinance process easier. Additionally, several risk-based feel might be either eliminated or modified for borrowers who refinance into shorter-term mortgage loans. Apart from this, there will be many approval criteria one will require to meet to get approved for the home affordable refinance plan. Being a homeowner or borrower, if you are not behind on your mortgage payments and struggle to afford them but cannot get traditional refinancing due to underwater mortgage, you can be considered for the home refinance affordable program. In this regard, below mentioned guidelines could help you.

Qualify For The Home Affordable Refinance Program , Program To Support Borrowers For A Long Period http://www.mortgage-refinanceprograms.com/home-affordable...


To get approved for the HARP,

1.   Mortgage should be owned or guaranteed by Freddie Mac or Fannie Mae.

2.   Mortgage should be sold to Fannie Mae or Freddie Mac on or before 31 May, 2009.

3.   Current LTV (loan-to-value) ratio must be above 80%.

4.   Borrower has to be current on his mortgage at the time of refinancing and should have a good payment history during the past 12 months.

To put it simply, getting approved for the home affordable refinance plan is not that easy and could be extremely challenging at the same time. Apart from knowing its approval criteria, borrower must also enhance his knowledge about HARP process requirements and documentation, if needed. To know about all these factors in detail and make all efforts necessary to enhance your eligibility for the Home Affordable Refinance Program, a better idea is to seek professional help from a competent mortgage expert who is thoroughly well-versed with each detail related to HARP and knows how to get qualified for it