Obama Mortgage Relief Plan Qualifications

Obama’s Mortgage Assistance Plan Is Obama’s Mortgage Assistance Reaching You President Obama’s mortgage relief program is now reaching 20% of those eligible for the program, or 650,000 borrowers, according to a new government report.

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How The Obama Mortgage Plan Works President Barack Obama says up to 9 million struggling homeowners could get help from the housing rescue plan he outlined. The plan commits 5 billion in.

For Immediate Assistance Call 888-995-HOPE (4673) (Hearing impaired: 877-304-9709 TTY) Let an expert from a HUD-approved housing counseling agency help you understand your options, prepare your application, and work with your mortgage company.

House report on emergency mortgage relief program TERMINATION ACT. This report is by the Financial Services.

Your loan officer can check your eligibility for HARP. Your mortgage. HAMP Mortgage Relief Program – Lower Your Payments. UPDATE:.

To qualify, the borrower must have an existing mortgage that is owned or guaranteed by Freddie Mac. To find out whether freddie mac owns or guarantees your loan, call (800) 373-3343, call your loan servicer or search for your loan on Freddie Mac’s Web site.

The HARP program came to be know as the "Obama Mortgage". Those seeking an Obama mortgage are often not eligible for refinancing; often because they are late on several house payments or otherwise don’t qualify. For these borrowers, the loan modification part of the Obama mortgage plan is a very good way to get back on track financially.

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New mortgage assistance program The home affordable refinance Program (HARP) was created by the Federal Housing Finance Agency in March 2009 to allow those with a loan-to-value ratio exceeding 80% to refinance without also paying for mortgage insurance. Originally, only those with an LTV of 105% could qualify.

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If so, you may qualify for refinancing under the Obama mortgage plan. Call your loan officer to starts the application paperwork. Be sure to have the same kind of information you collected to get your first mortgage, including data on your current loan and your second mortgage if you have one.

To qualify, the borrower must have an existing mortgage that is owned or guaranteed by Fannie Mae. To find out whether Fannie Mae owns or guarantees your loan: Call (800) 732-6643.

Where To Get Downpayment For House There are still good reasons to make a 20% down payment when you buy a home: You’ll start homeownership with a good-size chunk of equity in your house, and you usually won’t have to pay mortgage insurance, which can cost thousands of dollars a year.