What is Home Affordable Refinance Program all about?
The home affordable refinance program is concept designed by US President Barack Obama. The concept is all about assisting the homeowners who are facing the foreclosures by refinancing the current mortgages in a way that they can afford to pay the mortgages, even if the current value of home is lower than the mortgage they owe. With the help of the home affordable refinance plus program, the home owners can also execute the short-sale even on the mortgages and get a deed-in-lieu of foreclosures. The multiple or frequent draw backs in paying the mortgages on time may affect the credit rating but even though home refinance with bad credit is possible.
Following given are some benefits of this program
- Possibility of cash out Refinancing
- The homeowners with poor or bad credit rating can apply
- Assured home mortgage refinancing
- No closing cost
- Low interest rates of Refinance Mortgage
- Nominal Documentation required
The backbone motives of home affordable refinance program are
- To help the homeowners by reducing the interest and principal mortgage loan payments
- To help the homeowners by modifying the loan structure for e.g.: Short term Adjustable-rate Mortgage-ARM or may be interest only
- To enable the homeowner for extending the amortization term – e.g., from 15 years to 30 years
- To alter the mortgage loan structure with the stable structure such as a Fixed rate mortgage loan
To rescue the homeowners from bankruptcy, foreclosure or other financial crisis this plan was executed and aimed to help 3-4 million US homeowners. If you are not able to afford the mortgage payments on high interest rate and about to file for bankruptcy, just take advantage of home affordable refinance plus program. To be eligible for applying for this program, the applicant is required to own a home where he must be staying currently, the loan must be approved by the lender. He must also be paying the mortgage installments at present. If you qualify then home affordable refinance application process will be started immediately, but you will be required to enclose following documents along with the application form:
- Pay-check stubs
- Copy of tax returns
- Mortgage Contract or deed
- Balance statement of all loans and credit cards payments
- Details of other mortgages if one is already availed
- Details of Insurance policy
- Current bank statements
Once, the borrower will be eligible for the program, then the mortgage payment standards will be changed and the financial condition of the borrower will be improved. But, make sure that you provide all the truthful information to assure that the application process is running smoothly. To know, are you qualified for this program or not
Loansstore This is always been very interesting for me to write about the Second Mortgage Loan, most amazingly all the loan modification program is not affected by the credit rating hence. I call them Bad Credit Mortgage Refinance. Even if you have bad credit Home is the basic need for survival.
Processing your request, Please wait....
