The Making Home Affordable Program – an initiative taken by the Obama administration offers opportunities for property owners facing foreclosures to modify or refinance their existing mortgages and make their month-to-month payments much more affordable. The benefits of Obama’s home affordable refinance plan could be availed by means of the Home Affordable Refinance Program (HARP).
For those who have taken a mortgage from Fannie Mae or Freddie Mac, usually are not delinquent in your month to month payments, and you are having to pay substantial interest rates on your current home loan, it is achievable to avail diminished and affordable rates of interest and conserve some money by refinancing through the Home Affordable Refinance program.
To qualify for the home affordable refinance program, the applicant must own a one-to-four unit home, have the loan guaranteed by Freddie Mac or Fannie Mae, and be latest on the mortgage payments. The generating home affordable refinance program as per home affordable refinance program guidelines, and submitting the following documentation can additional simplify the eligibility element:
- Salary or pay stubs
- IRS tax returns
- Mortgage agreement or deed
- Recent account balances of all undergoing loans and credit cards
- Second mortgage details if you’ve availed one
- Insurance details
- Recent bank statements
It is quite crucial to avail reduced home affordable refinance program rates to advantage considerably.