What Are The Set Qualifications For Obama Mortgage Refinance Plan?

The Obama administration came out with a new government mortgage refinance plan that is design to help the struggling homeowners who are not able to pay their monthly payments on time and thus are near to foreclosure. This new plan is available to a large part of borrowers who are struggling badly. HARP is one part of the Obama plan that aims to help the Americans in reducing their loan payments and thus aid them in staying in their homes. Many companies like Obama-loanmodification provide services for this pan and helps the struggling homeowners.

The new Obama mortgage refinance plan is better than other conventional refinance plan as it requires no type of equity. Now through this plan, the debtors can refinance their mortgage up to 125% of their current home value and thus borrower would get lower monthly payments.

Obama mortgage stimulus plan qualification:

·         Homeowners can refinance their present mortgage as long as their home is the primary residency.

·         Homeowners should be current on their existing mortgage and it should be insured by Fannie Mae or Freddie Mac.

·         The home should be purchased before January 1^st 2009

The loan limit for this plan is $417,000 as per now. This mortgage refinance plan is the ultimate solution for all those who are searching for lower monthly payments. Folks can even opt for second mortgage program if they wish to. FHA refinance plan is also an open option for those who have credit score lower than 620 but to qualify, the borrower needs to show their compensating factors. The borrower needs to submit their pay stubs and other required proof. They should also be able to show that they can easily afford their new monthly payments and would pay them on time. So get ready to refinance your mortgage loan with the help of home affordable refinance plan and get lower mortgage payments.

How To Get Principal Reduction On Mortgage

How does Obama mortgage refinance program helps you?

You all are aware of the fact everyone is having difficulties to earn for the living. Due to the declining economy if you are unable to pay your bills and along with that having trouble to pay the installment payments for their home mortgages. The president Obama made it sure that he introduces the social and financial reforms in the country. To stabilize the housing market he introduce Obama mortgage refinance program. The owners of the real estate who are struggling to make the both ends meet are provided with the modifications in their loan. They were also given new loans for the already prevailing home mortgages. There is ever increasing foreclosure across America. He wanted to bring them down. The whole plan which the government brought for people was of $7.5 Billion. There are many ways to apply for Obama mortgage help. If you go online you will have several servicers who provide you with different home affordable mortgage rates and you can choose the best available rate which suits you the best. Choosing the rates online will help you to save your money and you can do other developmental things through this money. All the rates are stated at the websites and terms or conditions are also given at them for your convenience.

To apply for the home affordable refinance program you have to be very true with all the financial reports provided to the servicer. He can tell you the best appropriate rates. But even if mistakenly you give wrong reports or you fabricate them. You can seriously be in trouble. If the servicer finds out he can nullify the home affordable refinance program.

There are few things which are required for the application of home affordable refinance program that you have to be regular in the installment payments. Even if you default the default cannot be more than 30 days. You have to give the strong reason why you need such home affordable refinance program. The reasons might include loss of job, reduction or decrease in the income, or hospitalization etc. they are insured by Freddie Mac or Fannie mae.

Click here to get More Information on Obama Mortgage Refinance Programs.