Refinancing of homes could be possible with the Obama Mortgage Refinance Program 2013. Besides, the time duration of the pro-gram has been extended and it will now continue to be in effect till the end of December, 2012. Homeowners who are struggling to deal with the rising burden of their mortgage debts may take advantage of the schedule and refinance to lower interest rates as well as flexible terms. Nevertheless, to qualify for a low interest rate home refinancing loan with the Obama plan, borrowers must satisfy the eligibility criteria stipulated by the program guidelines. Therefore, it is better if you knew some of these before you are out to apply for a loan.
Mortgage-refinanceprograms.com offers professional services online to guide borrowers in navigating through the Obama mortgage refinancing process as well as in enabling them to improve their chances of qualifying for a refinance home loan that works.
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The Obama program or the Obama Mortgage Refinance Program 2013 (HARP), as it is popularly known, requires applicants to meet some basic qualifying criteria which are being mentioned below.
• Current home mortgages should have been sold to Fannie Mae or Freddie Mac on or before 31st may, 2009.
• Existing mortgage loans must have originated on or before 1st of January, 2009 to be eligible for refinancing.
• Borrowers have to be regular in paying the present monthly mortgage installments for the past 12 months.
• Homes which are to be refinanced have to be owned and must necessarily be primary residence of applicant.
• Financial hardship situation faced needs to be clearly foreseeable and hence, has to be very well documented.
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There could be a host of other requirements over and above the aforesaid ones which applicants could be needed to fulfill. The Obama administration has reduced mortgage fees so that the plan can reach out to more number of financially distressed homemakers. And to achieve the goal of getting the national economy back on track by stabilizing the housing market, relaxations have been granted to the eligibility guidelines and process requirements which apply to the HARP. Therefore, if you have not been able to qualify for a HARP refinance earlier or your application has been denied, you may get started to determine your eligibility for the HARP all over again.
Mortgage-refinanceprograms.com, which provides assistance for locating help for the The Obama Mortgage Refinance Program 2013 online, could assist you to get connected to a competent mortgage expert in your neighborhood who could help you to know your qualification for the HARP. This could enable you to simplify your task of understanding the HARP eligibility guidelines and process requirements in detail.
