How Can The Making Home Affordable Program Help To Secure A Low Cost, Affordable Loan Programme

ALLENDALE, N.J. - July 11, 2013 - PRLog -- Whether the mortgage problem results from lack of finances or from having to pay in excess of the present home value, one can rely on MHA program to provide some respite.

Responsible homeowners, who are striving to stay current on their mortgage in a situation where homeownership is increasingly becoming complicated, should take recourse to the new home affordable refinance program, a module of MHA. The Obama administration came up with MHA programs to tackle a varied set of mortgage situations, challenging homeowners across the country.

Homeowners, who can comfortably manage to pay their mortgages but are unable to get conventional refinancing owing to the actuality of now reduced home value, can very well benefit from an MHA program - to acquire lower interest rates through refinancing. MHA program is equally useful for homeowners struggling to pay mortgages, owing to difficult financial circumstances. There are various programs under MHA that are meant to solve diverse mortgage problems. HARP 2.0, an extension of Making Home Affordable Program, was brought in to help thousands of borrowers to refinance for a better, more affordable loan plan, when refinancing was beyond their reach due to the reduced home value and the resulting financial crisis.

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Now that the administration has announced an extension, till December 2015, for all MHA programs, borrowers can hope to find more lenders proffering the new home affordable refinance program. Many of the stringent eligibility guidelines, that the borrowers faced in the earlier version of HARP have been removed in the new HARP 2.0. This should be able to bring in more homeowners under the ambit of the program. However, hopeful aspirants should know that qualifying for refinancing under the Making Home Affordable Program isn’t that easy, so it would be in their best interest to ensure that  failure doesn’t await them at the application stage itself.

To be eligible for refinancing through HARP 2.0, borrowers should follow all of the criteria mentioned below:

1. Your mortgage should be owned or guaranteed by Freddie Mac or Fannie Mae.
2. Your mortgage should have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
3. 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.
3. Ratio of the current loan amount to the value of your home (LTV ratio) should be greater than 80%.
4. 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.


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To know more about the eligibility guidelines and application requirements, you can take guidance from the specialists who have helped thousands of borrowers to successfully refinance. They can be located on the net and would be able to guide you towards a better mortgage plan. Have a look at the website www.obama-loanmodifications.com to benefit from a team of competent loan refinance experts, who are very familiar with the legal rules and regulations that apply to the new home affordable refinance program.For more information visit our site www.obama-loanmodifications.com