President Obama offers substantial incentive to home owners who opt for loan refinance or loan modification, instead of Short Sale Or Foreclosure, through 2013 Obama new mortgage program. Refinancing itself has a whole lot of options. Cash out refinancing is possible. Refinancing for low cost mortgage with less monthly payment amount is possible. Refinancing for the purpose of converting ARM(Adjustable Rate Mortgage) to fixed rate module is possible. A suitable refinance plan can therefore provide solutions to even challenging mortgage situations.
When it comes to refinance, Obama new mortgage program 2013 houses many options. The HARP 2.0 mortgage refinance program is one such program which serves the purpose of providing refinance solutions to homeowners who are stuck with expensive or underwater mortgages. It helps homeowners to secure a new, more affordable and more safe mortgage. Lenders weren’t keen to refinance on underwater mortgages before the arrival of this program. The availability of this plan has now been extended till December 2015. Earlier, the plan was meant to be effective till 2013. There are many benefits to saving a sizeable amount, every month, through lowered mortgage payments. HARP, a module of Making Home Available(MHA) program, can definitely help you get that affordable loan plan. However take a look at the HARP guidelines to secure Obama New Mortgage Plan 2013 with that option. They are:
Your mortgage should be owned or guaranteed by Freddie Mac or Fannie Mae.
Your mortgage should have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
Your mortgage should not have been refinanced under HARP previously, unless it is a Fannie Mae loan that was refinanced under HARP from March-May, 2009.
You must be regular on mortgage payments, at the time of the refinance, and should be able to show a good payment history of past 12 months
You should also be aware that to refinance under HARP 2.0 Program, a loan application and underwriting process is required. Also remember that refinance fees will apply, for the same.
Experts associated with reliable websites can guide you better through Obama new mortgage plan online. If you're not behind on your mortgage payments but owe more than your home is worth, FHA Short Refinance may be an option that your mortgage servicer will consider. FHA Short Refinance is designed to help homeowners refinance into more affordable, more stable FHA-insured mortgage. Remember, to take advantage of the above mentioned programs and more, one should first qualify for the refinance!