Home Affordable Mortgage Program: FHA Short Refinance Opportunity for Underwater Homeowners
By Davey Golinson
Today many homeowners are struggling to repay the monthly installments of their home affordable mortgage program or loan. It may be due to extremely high interest rates or their source of income has been hampered. Seeing all this, the present government has issued some programs through which people can save their homes, if they qualify. Mortgage modification is one of the best programs under the government's Making Home Affordable program and there are not many hassles for qualifying for this modification program. If you also find that you are no longer able to repay the monthly installments of your home loan, you can apply for the loan modification program.
Under this program you don't have to take a new loan. Your existing loan is modified into more feasible installments that are affordable for you. In fact, once you qualify for this you can negotiate with your lender and reduce your interest rates and extend the repayment period. There are many factors that are kept in mind while doing this, but the first thing is that you have to qualify for this program so that you can save your house and repay the loan. However, the requirements of qualification criteria depend a lot on your lender.
Must be current on your mortgage
Have a non FHA government mortgage loan. Must be your primary residence. A minimum credit score of 500. First mortgage lien must be willing to write of 10% of mortgage principal reduction. Loan to value ratio should be no more than 97.75 % 2nd lien's must be willing to agree to full and or partial write off
This new short refinance will only be available to those homeowners whose lenders are willing to participate and are in the targeted areas.
If you fulfill these eligibility criteria, you can apply for a loan modification program. Your application should be appropriately filled and you should provide all information regarding the loan along with relevant and supporting documents. You should provide a hardship letter that provides information about your financial problem and how you will be able to solve it once your loan is restructured. The lender is more concerned about the fact that his loan installments will be paid regularly after restructuring the home loan of the borrower.
freeHAMPreport.com offers a new software for users to check potential eligibility for Federal mortgage payment assistance via the Home Affordable Modification Program (HAMP). In 15 minutes users can register without any commitment or credit card, complete a questionnaire and receive a FREE lender ready package in seconds! The report includes detailed analysis and populates the appropriate lender forms so users can submit for a loan modification with ease and for FREE.
Under this program you don't have to take a new loan. Your existing loan is modified into more feasible installments that are affordable for you. In fact, once you qualify for this you can negotiate with your lender and reduce your interest rates and extend the repayment period. There are many factors that are kept in mind while doing this, but the first thing is that you have to qualify for this program so that you can save your house and repay the loan. However, the requirements of qualification criteria depend a lot on your lender.
Must be current on your mortgage
Have a non FHA government mortgage loan. Must be your primary residence. A minimum credit score of 500. First mortgage lien must be willing to write of 10% of mortgage principal reduction. Loan to value ratio should be no more than 97.75 % 2nd lien's must be willing to agree to full and or partial write off
This new short refinance will only be available to those homeowners whose lenders are willing to participate and are in the targeted areas.
If you fulfill these eligibility criteria, you can apply for a loan modification program. Your application should be appropriately filled and you should provide all information regarding the loan along with relevant and supporting documents. You should provide a hardship letter that provides information about your financial problem and how you will be able to solve it once your loan is restructured. The lender is more concerned about the fact that his loan installments will be paid regularly after restructuring the home loan of the borrower.
freeHAMPreport.com offers a new software for users to check potential eligibility for Federal mortgage payment assistance via the Home Affordable Modification Program (HAMP). In 15 minutes users can register without any commitment or credit card, complete a questionnaire and receive a FREE lender ready package in seconds! The report includes detailed analysis and populates the appropriate lender forms so users can submit for a loan modification with ease and for FREE.
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