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The MakingHome Affordable Program has been designed to support theplunging housing market.

The federal stimulus plan is also intended toassist struggling home owners for securing a loan modification ormortgage refinance. Borrowers who have witnessed a significant decreasein their home values but if their mortgage loan is not owned by eitherFreddie Mac or Fannie Mae will not be eligible for the program. Otherthan that homeowners who have experienced a loss of income due tounemployment will also not qualify for the federal scheme. LoansStoreoffers professional services to help distressed homeowners in qualifyingfor a loanmodification under HAMP or mortgage refinance under HARP. To qualify for the Home AffordableModification Program (HAMP), a homeowner has to fulfill the belowmentioned conditions.

• The property must be the primary residence of theapplicant.
• The value of the home mortgage should not be more than $ 729,750.
• The existing monthly mortgage payments should not exceed 31% of yourgross monthly income.
• An applicant must provide a letter of financial hardships facedalong with proper reasons.

The rates of interest on home loanmodification plans vary from 2% to 5% and the loandurations can be extended to as long as 40 years to make monthlymortgage installments more affordable. However, if you do not qualify for theHAMP, you can consider refinancing your home mortgages under the HomeAffordable Refinance Program (HARP), which is also one of the Obama loanmodification guidelines that deals with mortgagerefinancing.

The HARP allows borrowers whose existing mortgages areeither owned by Freddie Mac or Fannie Mae to refinance at much reducedfixed rate of interests. But to be eligible for the HARP, a borrowermust meet the following requirements.

• The home to be mortgaged has to be primaryresidence of the borrower.
• There should be no missed or late mortgage payments during the past12 months.
• The amount owed must not exceed 105 % of the current home
  

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