Obama Mortgage Refinance Program Eligibility

If fannie mae or freddie mac own your loan you may be eligible for a lower interest rate or shorter term regardless of your appraised value.

Obama mortgage refinance program eligibility. How does a home equity loan work. The obama administration is widening its mortgage refinancing program to allow more borrowers hit hard by falling home prices to participate. Borrowers whose loans are now worth up to 125 of. Streamlined refinancing program and even borrowers who owe more on their mortgage than their homes are worth would be eligible.

Freddie mac s home affordable refinance program known as the relief refinance mortgage is designed to assist borrowers who are current on their mortgage payments but would benefit. So will features of the obama refinance program pass soon or at all. Subsequently the program came to be known as the obama mortgage the end date to get a harp refinance has been extended through december 31st 2018. The home affordable refinance program harp was established by the federal housing finance agency fhfa under the obama administration in march of 2009 in response to the housing bubble burst of 2008.

I have to admit that the jury is still out. The obama refinance program is a part of the federal government s making the home affordable initiative to help struggling homeowners save their homes by availing affordable mortgage terms and conditions and reducing their monthly payments. Obama mortgage refinance program eligibility it is recommended for financing major one off expenses including home renovations or repairs medical bills repayment of credit card debt or funding college tuition. For this obama mortgage refinance program eligibility criterias ought to be followed legitimately.

Under the streamlined program. There have been promising signs of an updated harp program such as the confirmation of mel watt as the new director of fhfa the president obama s comments in an interview with zillow last year and a harp 3 0 test currently available in oregon. The motivation behind refinancing underwater mortgages is to get oneself another all the more sensibly evaluated more stable mortgage. Any home owner can apply for a home equity loan.

At the time many new homeowners faced having the value of their home drop below the balance of their mortgages resulting in negative equity also known as an underwater or upside. Obama mortgage refinance program stimulus plan 2013 help.