Making Home Affordable, is a key program in Barack Obama's effort to help. That's where the Making Home Affordable refinancing program.
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Obama refinance plan 2016 – FHA Mortgage Rates – Obama refinance plan 2016 HARP – The Home affordable refinance program is designed to assist homeowners in refinancing their mortgages even if you owe more than the home’s current value. If you are current on your mortgage with or without equity then you are eligible for this program.
Federal government Home Affordable Refinance rules. (Borrowers who are delinquent or have made a payment more than 30 days late during the prior 12 months may qualify for the Home Affordable Modification program.) The new first mortgage cannot exceed 125 percent of the current market value of the property.
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Obama Mortgage. The Home Affordable Refinance Program (HARP) was an initiative put forward during the Obama administration, that offered a number of options designed to help homeowners, depending on their individual circumstances. Subsequently, the program came to be known as the "Obama Mortgage.". The end date to get a HARP refinance has been.
For Immediate Assistance Call 888-995-HOPE (4673) (Hearing impaired: 877-304-9709 TTY) Let an expert from a HUD-approved housing counseling agency help you understand your options, prepare your application, and work with your mortgage company.
Must receive a benefit from the refinance such as a reduction in their monthly mortgage payment. Since having a home loan owned by Fannie Mae or Freddie Mac is a determining factor in the eligibility for HARP, borrowers need to be able to look up their mortgage loan.
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HARP mortgage interest rates are as low or lower than standard conventional refinance rates that require 20% equity. This fact is why HARP has been such a benefit in today’s refinance market. Homeowners with no equity or even negative equity in their homes can get the same rate as someone with a lot of equity.
Obama program refinance mortgage eligibility. – – FHA streamline is a refinancing program for current homeowners who currently own an FHA loan. If current fha borrowers decide to refinance their mortgage, they can either refinance as a 5-year adjustable rate mortgage (ARM), or a 15, 20, 25, or 30-year fixed-rate loan.