Mortgage Assistance Eligibility

Calendar September 29, 2009 | Posted by Staff

If you have fallen behind in your home loan payments or are scared of default you could qualify for a home loan relief program. Due to the high amount of struggling mortgage holders most mortgage companies are willing to talk about loan refinancing and mortgage modification. Both of these initiatives have allowed loan holders to reduce monthly payments allowing millions to keep their homes. To facilitate these home loan assistance plans congress has created two programs; the Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP). These programs are run through home loan companies and creates incentives for them to work with struggling mortgage holders to lower monthly payments. These programs all have basic eligibility requirements.

If you want to get a property loan refi through the Home Affordable Refinance Program Eligibility you should comply with several qualifications. There are many details of your mortgage situation that are reviewed when calculating your qualifications for a mortgage refi. You must own a residential house. Your mortgage should be guaranteed by one of Fannie Mae or Freddie Mac. If you do not know if your home loan is guaranteed you should speak with those agencies as soon as possible.

If you are current on your home loan and how much you owe has an impact on whether or not you are eligible refinance. To qualify it is important that your present loan doesn’t exceed 125% of the current value of your house. For instance if you owe $400,000 on a house that is valued at $350,000 you may qualify. To learn if you are a candidate for home loan refinancing speak with your lender.

If you would like a home loan modification with HAMP their are a few requirements you must meet. These qualifications including whether or not your house is your primary residence and what you owe. Program guidelines also consider reasons why you might currently be having difficulty with regular payments such as sudden increases in monthly payments. The percentage of your total income that your monthly payment represents is also taken into account when deciding your eligibility for government mortgage assistance.

If you are having trouble with mortgage payments and are afraid your house may be taken away you may be eligible for mortgage relief in the form of mortgage refinancing or mortgage modification. To learn more information about qualification requirements and if you are a candidate contact your mortgage company.

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