Relaxations in qualifying guidelines for the Obama mortgage refinance program 2012 will benefit millions of underwater homeowners across the United States. The changed rules and regulations, which became effective on June 1, 2012, are already proving to be a blessing for borrowers as a drastic rise in number of applications has been recorded.
Madison, WI -- (SBWIRE) -- 09/18/2012 -- The Obama mortgage refinance Program 2012 is fast proving to be a blessing for hundreds of homeowners who are underwater on their mortgages. Ever since the changes were effected to its qualification criteria for Obama Mortgage Refinance Program 2012 sometime back, borrowers have started finding it lot easier to qualify. Figures released by the FHFA in its latest report indicate a drastic rise in the number of applicants who applied for the government program. And the good news is that thousands have already got approved within the first five months of 2012. Therefore, homemakers who have not determined eligibility for the plan need to get started.
The basic qualification criteria for the revised Obama Mortgage Refinance Program 2012 are as follows:
1. Primary home loan must have originated on or before January 1, 2009
2. Mortgage must have been sold to Fannie or Freddie before May 31, 2009
3. Borrower should be current on monthly payments for the past 12 months
4. Applicant must owe more on his home than its existing market value
5. Only one single payment default not exceeding 30 days is allowed
6. There should not be single payment default in the last 6 months
7. Financial hardship situation has to be clearly foreseeable and well documented
Get Approved For Obama Mortgage Refinance Program 2012
By qualifying for the Obama mortgage Refinance Program of 2012 eligible borrowers could be able to save at least $200 every month on their mortgage payments. The money saved this way could be used for clearing off some other debts. But it is not easy to get approved for the federal home refinance initiative even if someone happens to meet the qualification criteria. This is because for granting an approval, participating mortgage servicers, will require applicants to provide correct as well as accurate documentation along with their applications. Many requests get turned down on account of incorrect and inaccurate paperwork every year.
Therefore, to make the task of qualification for refinancing home with Obama Mortgage Refinance Program 2012 easier, it could be better if borrowers sought help from some competent specialist who is well versed with the eligibility guidelines and process requirements that apply For Obama Mortgage Refinance Program 2012 this plan. On the internet, one may find several agencies which offer online assistance to guide borrowers in navigating through the federal mortgage refinancing process with ease. Borrowers may seek help from such Obama Mortgage Refinance Program 2012 service providers as the companies will have team of experts. However, one needs to make sure that he has found a mortgage service that is totally reliable and reputable.
LoansStore is a leading mortgage service provider in the United States which has been in business for over seven years. Till date, the firm has helped tens of thousands of borrowers in qualifying for affordable mortgage interest rates and hence, significantly reduced monthly payments. Consumers, who are interested in determining their eligibility for Obama Mortgage Refinance Program 2012, can visit their website at http://www.loansstore.com/mortgage-refinance-loans/harp-2.0.php for getting more valuable information.