If you are a homeowner who is underwater on your current mortgage, you may be able to get a home loan refinancing with no money down. Millions of homeowners are eligible to take advantage of new Government programs that will enable them to save their home, and a lot of money.

Here are some things homeowners should know about HARP and how to use it. HARP, stands for the home affordable refinance program that the Government started in mid 2009 and is also known as the Obama refinance plan, making home affordable plan, and the refinance and relief program. To be eligible to use this program, homeowners need to meet 2 major criteria which are :

 -Have a mortgage that is backed by either Freddie Mac or Fannie Mae
 -Have a mortgage that has a start date that is before June 1st 2009.

If these two requirements are met, there is a good chance that a homeowner would be able to use HARP. If you are a homeowner whose mortgage is backed by the FHA, USDA, or some type of jumbo mortgage, you will not be able to use HARP. Options for homeowners that dont meet HARP requirements include the FHA Streamline refinancing program and the VA Streamline refinance options.

Homeowners who have mortgages and are eligible for HARP consideration should contact their mortgage backer immediately. They should ask about new mortgage refinancing options that may be available to them because of the new Government programs. Mortgage lenders and banks are actually anxious to assist HARP eligible homeowners due to incentives they receive for helping homeowners. The incentives allow the lenders and banks to truly help homeowners in the spirit of the law, while covering their costs.

Many new mortgage refinancing options exist for nearly any homeowner in any financial situation. Many of them are no cost options that will enable a homeowner to save hundreds of dollars per month and save their home from being lost. Homeowners are encouraged to contact their mortgage lender or bank today to see what, if any, new options exist for them thanks to the new Government programs.

 -M Petrone

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