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President Obama’s Mortgage Refinancing Loan is structured to assist struggling homeowners who, have been faced with financial hardships and as a result, are finding it hard to stay current on their monthly mortgage payments. But to be eligible for the federal mortgage relief plans, one needs to meet certain specific requirements stipulated by the Obama plan stimulus guidelines. Here is some vital information pertaining to the various options and eligibility criteria which readers might find useful in case they are planning to apply for mortgage loan modifications or refinance loans under the government plan. Just find out if you can qualify for any of the alternatives.

1. Mortgage relief for unemployed homeowners
   • Home needs to be primary residence and not an investment property.
   • Mortgage loan should have originated on or before 1st January, 2009.
   • Value of current mortgages has to be less than $ 729,750.
   • Borrower needs should be drawing unemployment insurance benefits.
   • Delinquency in paying the mortgage payments should not be more than 90 days.

Borrowers who have lost their jobs are entitled to obtain temporary forbearance on their existing home mortgage loans if they satisfy the below mentioned guidelines outlined by the home affordable modification program (HAMP).

2. FHA refinance loan
   • Borrowers need to be current on their existing monthly mortgage payments.
   • Refinance loan applicants need be primary occupants of the home.
   • Must meet the conditions stipulated by the FHA underwriting guidelines.
   • Existing FICO credit scores are required to be at least 500 or more.

To qualify for FHA provided mortgage refinance loans, you need to adhere to the following requirements.

3. Other viable options
   • Home to be refinanced has to be primary residence of the applicant.
   • Mortgage loan should have been sanctioned prior to 1st January, 2009.
   • Value of current home mortgage loans should be less than $ 729,750.
   • Existing home mortgages need to be owned or insured by Freddie Mac and Fannie Mae.

Apart from HAMP loan modifications and FHA refinance loans, you could also apply for home refinance loans under the home affordable refinance program if you can meet few guidelines as mentioned below.

Getting approved for mortgage relief under any of the government backed plans may not be that easy. This is because borrowers are required to furnish correct and accurate information along with the HAMP loan modification or HARP refinance loan applications. And considering the intricacies involved in the entire procedure, it is always better to take advantage of expert help which is available online.

Hence, to get more crucial information on the California mortgage refinance program or loan modification plan requirements and process, it is hereby recommended to utilize the professional services offered by reputed online service providers like USLoanz.