Mortgage Assistance Eligibility

If you have experienced difficulty with your mortgage payments and are scared of foreclosure you may be a candidate for a home loan assistance plan. Because of the growing amount of underwater mortgage holders a number of mortgage companies are willing to talk about loan refinancing or mortgage modification. These programs have allowed homeowners to lower monthly payments allowing many people remain in their homes. To facilitate these housing relief programs congress has passed 2 initiatives; the Home Affordable Modification Program (HAMP) and Home Affordable Refinance Program (HARP). These plans are organized through home loan lenders and provides incentives for them to work with distressed mortgage holders to lower monthly payments. These programs both have basic qualification regulations.

If you want to receive a mortgage refinance with the help of the Home Affordable Refinance Program Eligibility you must satisfy a few qualifications. There are many details of your mortgage situation that are reviewed when determining your eligibility for a mortgage refinance. You must own a one to four unit house. The home loan must be guaranteed by either Fannie Mae or Freddie Mac. If you do not know whether your mortgage is guaranteed you should speak with those agencies as soon as possible.

Whether or not you are current on your mortgage and how much you owe is important to whether or not you can refinance. To be eligible it is important that your present mortgage does not exceed 125% of the current worth of your house. For instance if you owe $400,000 on a house that is worth $350,000 you would qualify. To find out if you are eligible for home loan refinance speak with your lender.

If you are looking to have a mortgage modification through HAMP their are a few qualifications you must meet. These requirements including if your property is your main residence and what you owe. Review guidelines also consider explanations for why you are having difficulty making regular payments including sudden increases in monthly payments. The percentage of your total income that your mortgage payment represents is also considered when determining your eligibility for government mortgage relief.

If you cannot make your monthly payments and are afraid your home may be taken away you may be a candidate for mortgage relief in the form of home loan refinance or housing loan modification. To find out more information about qualification requirements and if you are a candidate contact your home loan lender.

By: Steven Toms

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The government is using millions of dollars to support mortgage holders at risk of default, learn more at governmentmortgageassistance.org about if you qualify for aid.