Get Benefit From Federal Home Mortgage Refinance Or Loan Modification Plan
President Obama’s “HAMP Modification” program offers home mortgage refinance and loan modification services to struggling homeowners for enabling them to stop home foreclosures.Popularly known as the home affordable refinance plan and the home affordable modification plan respectively, the federal programs are designed to assist distressed borrowers who are faced with enormous financial hardships and are consequently finding it hard to stay current on their existing monthly mortgage payments. The entire federal initiative is supported by a massive $ 75 billion stimulus package and is slated to benefit as many as 9 million home makers across the United States.
USLoanz offers professional service to guide borrowers in understanding the HARP and HAMP guidelines as well as in preparing the required documents that need to be furnished along with the application in accordance with the process requirements.
Typically, the Obama mortgage stimulus package provides two viable alternatives as mentioned below.
- Home Refinance Loan
- Home loan modification
You could apply for a home refinance with bad credit under the HARP. By refinancing your home mortgage you could be able to get access to significantly lower mortgage rates and thus, reduce your monthly mortgage installments drastically. Nevertheless, as per HARP eligibility requirements the home to refinanced has to the primary residence of the applicant and not an investment or commercial property. Additionally, your existing home mortgages should have originated on or before 1st January, 2009 and need to be owned or insured by either Freddie Mac or Fannie Mae. If you can meet this stipulated requirement, you could automatically qualify for a HARP home mortgage refinance loan.
The other important option to get your mortgage payments lowered could be to qualify for a HAMP loan modification plan. The federal government provides incentives to all participating lenders that offer loan modification plans to struggling borrowers for avoiding home foreclosures. But the process of getting your mortgages modified is quite rigorous. If you are eligible for the HAMP, you could get interest rates as low as 2% and even get your existing home mortgage loan durations extended. In any case, you could enjoy a waiver on late fees.
By qualifying for a HARP bad credit home mortgage refinance loan or HAMP mortgage loan modification, your monthly payments would not exceed 31% of your gross monthly income as per the provisions of the Obama stimulus package. Nevertheless, it might not be that easy to get approved for either of these propositions since, the documentation which has to be submitted needs to be correct and accurate. Therefore to improve your chances of getting a HARP or HAMP approval, expert guidance is suggested.
To get more useful information on the best mortgage refinance rates or HARP and HAMP requirements, visit USLoanz.
Processing your request, Please wait....
