Increasing level of housing market crisis and financial hardship being faced by many homeowners since long, mortgage crisis have arisen. A large number of homeowners are struggling to afford their mortgage payments due to their financial inability to do so; some of them are not even able to refinance their mortgages to get a stable product because of fallen values of their homes. To help such tens of thousands of homeowners get mortgage relief with refinancing, the Obama administration came out with home affordable refinance program with no credit check or Home Affordable Refinance Program HARP.
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What Is Home Affordable Refinance Plan?
If you are not behind on mortgage payments but you are unable to get traditional refinancing because your home’s value has declined, you may be considered eligible for home affordable refinance program with no credit check .which could help you to replace risky and unaffordable mortgage product with a stable and affordable mortgage. However, prior to applying for it, it could be advisable to understand underwriting requirements and eligibility criteria for home affordable refinance program with no credit check.
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You may be eligible for the government HARP if you meet the following criteria
1. The mortgage is owned or guaranteed by Freddie Mac or Fannie Mae.
2. The mortgage should have been sold to Fannie Mae or Freddie Mac on or prior to May 31, 2009.
3. The current loan-to-value should be above 80%.
4. The borrower needs to be current on the mortgage at the time of the refinance, with a good payment history during the past 12 months.
Many such eligibility criteria must be met to get approved for home affordable refinance program with no credit check. Additionally, borrower must get a complete understanding of the process requirements as well as documentation that apply to the program. Getting a better understanding of the subject is very vital. For this, it is sensible to seek guidance of a competent mortgage specialist.
A knowledgeable, skilled and experienced mortgage specialist will help you in exploring best foreclosure prevention programs and select the most suitable one using his expertise and years of experience. He will also assist you in qualifying for that foreclosure prevention program so that you can improve your approval chances and get rid of an unstable and risky mortgage product. Such competent specialists can be easily approached with a free professional help of an online mortgage service provider firm.
