Homeowners who are current on their mortgage payments yet are not able to get a traditional mortgage refinancing due to declining home values can take advantage of President Obamas HARP (Home Affordable Refinance Program) stimulus. HARP is designed specifically to give homeowners a mortgage refinancing option that is much more affordable than their current loan. Like a traditional home loan refinance, HARP requires a loan application, an underwriting on the loan, and refinancing fees. Here are the eligibility requirements for President Obamas HARP stimulus plan for homeowners.

Homeowners may be eligible to take advantage of the HARP stimulus plan if:
-The mortgage must have a LTV (loan to value) ratio of 80% or more.
-The mortgage was sold to Fannie Mae or Freddie Mac on May 31, 2009 or earlier.
-The homeowner has been on time with their home loan payments for the past 12 months in a row.
-The home loan is owned or backed by either Fannie Mae or Freddie Mac.
-The homeowner has not used the HARP plan previously to get a mortgage refinancing.

This program had been designed to be easy to qualify for so that the most homeowners possible are able to benefit from it. Over $75 billion in funding is backing President Obamas HARP stimulus plan and homeowners all across the country can benefit from it. Many people are already saving hundreds of dollars per month with this housing stimulus plan, but many more are still eligible.

Homeowners should get in touch with a mortgage lender or bank to see what possible benefits President Obamas HARP plan has for them. This program will help millions of people save a lot of money and get into better financial situations. Help is available, it is just up to homeowners to get out there and take advantage of it.

-M Petrone

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