Home Affordable Refinance Program Guidelines

Home Affordable Refinance Program Guidelines- Know the Deal by Going Online!

The making home affordable program of the Obama administration provided a twist in the events that were unfolding post recession. Several homeowners were affected due to the sliding down of the market values of their homes and their own inability to repay the mortgage loans. Rising number of foreclosures was the main concern for the Government and to tackle that situation the making home affordable program had been introduced. 

This program along with its sub-parts namely home affordable refinance program and home affordable modification program brought about a whiff of relief to all the homeowners who were almost on the verge of losing their homes again or facing difficulty in repaying the loan to its respective lenders. The home affordable refinance program requirements stated that only those homeowners who were current and updated on their home loans can qualify for the program. The defaulters on the other hand could only qualify for the home affordable modification program. Both the programs had different ways of functioning and catered to different types of homeowners but the basic agenda of the two programs were the same that is to lower the monthly installments on the mortgage loan so that the homeowner can once again re-afford the loan from his monthly income. To understand in details ‘what is home affordable refinance program?’ it is always preferable to access online sites like Loansstore.com and others. These sites not only offer detailed understanding and knowledge about the programs but also enlighten the homeowners regarding queries like ‘how can I get home affordable refinance program and modification program’? 

Without checking out the home affordable refinance program guidelines it is recommended not to go ahead blindly with the program as one will only come back rejected if he does not fall within the parameters of the home affordable refinance program requirements. Firstly, the home that is to be refinanced should be the primary residence of the homeowner. Secondly, the total pending balance on the mortgage loan should be equal to or less than $729, 750. Thirdly, the monthly installments to be paid off should be more than 31% of the monthly income of the homeowner. Last but not the least the homeowner should be updated with his mortgage loan payments to qualify for the home affordable refinance program. 

Understanding what is home affordable refinance program is extremely important because that will clarify a lot of hurdles that the homeowner will have to face in the coming times and also make things clearer for the homeowner as to what steps he should take to qualify for the program and get hold of a low interest mortgage refinance loan. Sites like Loansstore.com really help the homeowners to get in touch with reliable lenders that are willing to cooperate with the homeowners and reduce their burden over a period of time.