The making home
affordable program or MHA initiated by the Obama administration is
still in action to help homeowners lower their monthly payments and makes them
more manageable.
But qualifying for the MHA plan might not be that easy
considering the stringent eligibility guidelines and process requirements.
Typically, the federal schedule, which is supported by a massive $ 75 billion
stimulus package, offers home refinancing and loan modification options to
borrowers who have been struggling to deal with their existing mortgage debts.
Nevertheless, if you are unaware of the essentials to get qualified, your
application may simply get denied.
MortgagRefinance101
offers professional services online to guide borrowers in understanding the
qualification criteria as well as documentary needs and in navigating through
the process of getting successfully approved for government assistance.
You could enhance your chances of availing an approval
for the harp
refinance program if
you are able to meet few basic requirements. To that effect, to determine
whether you really eligible to receive the benefits of low rate mortgage
refinancing or modifications, just find out if you could meet the below
mentioned requirements.
- Home that is to be refinanced or for which mortgages are to be modified needs to be your primary residence.
- Existing unpaid mortgage loan balances cannot exceed prescribed limits for homes between 1 to 4 units.
- All Fannie Mae or Freddie Mac backed home mortgages automatically qualify for federal mortgage assistance.
- Financial hardship situation faced by the home maker has to be foreseeable and has to be clearly demonstrated.
There could be a
host of options available to eligible borrowers under the government program,
the making home affordable refinance plan (HARP) and the making home affordable
modification plan (HARP) being the most sought after. In any case, to enhance
your chances of being HARP or HAMP approved, it could be important for you
prepare and furnish correct and accurate documentation.
MortgagRefinance101 has experts who are well versed with the government home
affordable refinance program or
home loan modification plan. Hence, by
availing our expert services you could get actively assisted to improve your
chances of getting an early approval for the HARP or the HAMP.
