Save Your Home with Making Home Affordable Program
Borrowers, who were unable to refinance their home mortgage loans earlier because of sub-prime credit ratings, now have the chance to avail low interest rate mortgage refinance with bad credit under the Obama’s mortgage refinance program. Because of ongoing economic downturn many Americans have lost their jobs and have got significant reduction in their monthly income. Hence, number of people facing financial hardships in repaying their monthly mortgage payments increases.
One of the alternatives to making home affordable program (MHA) is home affordable refinance plan (HARP) which is actually introduced to aid stressed homeowners in repaying their mortgage dues. Millions of homeowners across the country are eligible for low rate of interest mortgage refinance loans. They can make mortgage payments more affordable with these refinance program. The federal government refinance plan has many additional advantages for borrowers facing economic hardships.
Following is come vital information on major benefits with federal government’s mortgage refinance programs :
- Under the rules of federal program, the borrowers who will qualify for HARP refinancing will be charged monthly mortgage payments no more than 31% if their gross monthly income.
- Qualifying homeowners are not required to pay any closure charges for getting their home mortgage refinance loans. The loan term for new mortgage refinance loan will be longer, and lower mortgage rates will make monthly installments more affordable. It is possible to obtain mortgage rate on refinance loan to be as low as 2%.
- You can now easily get relief from your financial burden with this new refinance loan. By making timely repayment on your mortgage loan you can also improvise your credit ratings.
However to derive all the additional benefits on FHA streamline refinance program borrowers have to meet certain requirements set by HARP program. Apart from the filling accurate loan application form it is also required to furnish accurate and correct documentation along with the mortgage refinance loan application. You can greatly maximize your chances of qualifying to the program.
You can get more useful information on Making Home Affordable Program or Mortgage Refinance bad credit by visiting highly reputed online service providers like LoansStore.
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