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Eligibility Criteria for Making Home Affordable Refinance Program
Fannie and Freddie making home affordable refinance program has helped several homeowners to refinance their mortgages and avoid foreclosure, this program is truly a boon for Americans
Fannie and Freddie have formally announced the latest home affordable refinance programs which has helped millions of Americans to emerge out of their debts. This latest program looks the falling of home values, approval of mortgage application in the other way and find solutions for them. Loansstore a leading name in home refinance is best to avail this plan. It provides service relating to mortgage refinance, loan modifications, debt consolidation, debt settlement etc.
But everyone is not eligible for this home affordable refinance application process; there are three basic conditions to be met for the eligibility process
Click here for fast approval of MHA program!
The existing loan should be backed either by Freddie Mac or Fannie Mac. Luckily, both of the companies offer online lookup service. One should start with the Fannie Mae as it has a greater market while Freddie Mac needs social security number.
Secondly, one should have an ideal mortgage payment history over the past 12 months, even if a single payment done late than that can ban one from participating the home affordable refinance plus program. If a person is 20 days late on his payment then that can be taken for granted.
At last the mortgage balance should not exceed the home value more by even 5%. The formula use for calculation is Mortgage balance/Home value, if this quotient is greater than 1.05 then one is not eligible for making home affordable program (MHA).
If one meets the above criteria than there are few noteworthy details of this program:
- If a borrower hasn’t paid the mortgage insurance before refinancing than he doesn’t have to pay it after refinancing even if his loan-to value is more than 80%
- All the refinance needs income verifications even if the real mortgage be stated income loan
- Second mortgages should be subordinated and they cannot be paid using the loan proceeds.
This making home affordable program also covers mortgage refinance with bad credit. People with bad credit rating can even apply for this loan and build up their credit score.
