Federal making home affordable program guidelines
The Federal making home affordable program is the idea of President Barack Obama and administrated by the US Federation. This program is introduced in the favor of home-owners who are unable to make regular payment against the mortgage loans. The US Government has invented an amount of 75 Billion dollars. On an average more than four million home-owners were struggling to prevent the earlier foreclosure. With the help of the Obama home affordable program, the home-owner will be able to prevent the foreclosure.
To be eligible and qualify this new legislation, the home-owner has to meet some basic criteria. Some of these making home affordable program guidelines are given below:
- You must be presently residing in the same mortgaged home, you are applying for.
- The mortgage loan must be initiated on or before January 01, 2009.
- The mortgaged home must not be the source of income.
- The mortgaged home must not be rented or investment property of applicant.
- The home-owner will have to furnish the proof to show the inability to repay the mortgage payments.
- The principle amount of mortgage must not be more than $729,750 for single unit home.
- The loan amount must be credited or approved by the Fannie Mae or Freddie Mac.
- The monthly mortgage installment must be at least 31% higher than the gross monthly income.
- The mortgage creditor must agree to the decision of the home-owner in regards to the MHA plan.
The applicant who will qualify the eligibility criteria can search online for such service providers of mortgage affordable program. The online lenders will have the free application process. You just need to fill-up online application form and submit it therein. On receipt of your application form, the company representative will contact you and guide on how to proceed further and get the paper work done earliest.
Advantages of making home modification program
Out of many making home affordable program options, the mostly preferred and applied options are two:
- Home affordable refinance program
- Home affordable Modification program
Both the above options are totally different from each other. However, whichever the option you choose, the aim will always be to save home. If your application is approved you will be able to reduce the amount of monthly installment. The installment will not be more than 30% of your monthly gross income. The repayment terms of the loan must be convenient as per your preference.
This way by just following simple online application process, the home-owners can save their home. The US Government has helped the financially deprived home-owners in the form of Federal making home affordable program.
Ronaldo Terry I’m a freelancer writer has written many more articles about the Federal making home affordable program and Loan Modification. However, the application process is available online; don’t forget to read the making home affordable program guidelines and instructions.
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