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.