If you are a homeowner who is current on your mortgage, but not able to refinance into a lower interest rate due to the value of your home dropping, you may be able to get a good refinancing option from the Home Affordable Refinance Program. With this program, homeowners who owe up to 125% of their homes actual market value can still qualify for a refinancing into a lower interest rate.

So, Are You Eligible?
Here are 4 questions which can determine your eligibility for this refinancing program:

1)Do you own a single family home, condo, or town home?

2)Is your home loan backed or guaranteed from either Freddie Mac or Fannie Mae?

3)As of right now, have you been on time, and have paid in full every mortgage payment for the past 12 months. A late payment is any payment that is over 30 days late, even if it was paid.

4)Did your homes market value remain the same or lower since you purchased it?

Answering Yes to these questions makes you pretty likely to be qualified to use this program for yourself.

Many homeowners are feeling the bad effects that the terrible economy is having. Entire neighborhoods and many homeowners are facing foreclosure, or many homes are dropping in value. A lot of people bought when times were great, and home values looked to be going up for years to come. This led to a lot of people getting into homes that they would not otherwise have been able to get approved for. Now, those same homeowners are the ones that this home refinance program aims to help.

-M Petrone

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