US Government has designed home affordable program to help people by lowering their monthly mortgage payments for qualifying homeowners. So many US people are getting benefits either refinancing or modifying their mortgage.
There are two different parts of Home Affordable Program that is the Mortgage Refinance and Loan Modification. There are few simple questions that will help you to determine that you are eligible for home affordable program.
The objective of this program is to target those homeowners who are current on their mortgages, but are unable to refinance to a low mortgage refinance rate due to a drop in the value of their home.
The Home Affordable Plan targets those homeowners who have loans held by Fannie Mae and whose owe approximately the same or less than the current home value. Here you can find few questions from which you can come to know that you qualify for the Home Affordable refinance Programs or not:
- The home that is to be refinanced must be the primary residence of the homeowner.
- You can qualify for home mortgage refinance, if you have a Fannie Mae-insured or owned loan. The main purpose of this program is to provide you with a boost to your home equity if you owe more on your loan than the home is now worth.
- Are you current on your mortgage payments? Which is not more than 30 days late on your mortgage payment over the past 12 months?
- Do you believe that the first mortgage amount is same or less than the current value of your house?
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