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Home affordable refinance program is a federal program which was instituted by Obama administration in the starting of 2009, when president took oath to oval office. The purpose of program was to make the current mortgage interest rates low and moreover prevent the financially stricken homeowners prevent from foreclosed proceedings. In the first phase many struggling homeowners were given fresh lease of hope when their current mortgage was refinanced and low monthly interest rates were charged for stipulated time frame. However it is very significant to point out here that not every homeowner is eligible under the home refinance with bad credit program as well second mortgage program . There are certain stringent criteria which have to be qualified before the eligibility of a homeowner is finally approved. The first important criterion is that homeowner should have consistent mortgage payment history spread across 12 months. The second criterion is that homeowner’s existing home loan should be backed by either Fannie Mae or Freddie Mac. The last and the third criterion is that homeowner’s current mortgage balance should not exceed current home’s value by over 5%.

The home affordable refinance application process has been streamlined and if you are struggling to pay the monthly mortgage, you can avail the benefits of federal refinance now. The application form has been made simple and moreover, there are new lists added to it. Keep in your mind that you get through the terms and conditions as listed under the home affordable refinance plus program.

It will help you in deciding your eligibility and above all you will be in a better position to discuss your probabilities with the Home Affordable Refinance Program, Home Equity Line Of Credit and Second Mortgage Lenders. Remember, the eligibility of refinance program largely depends upon you and therefore, you need to take all due responsibility.