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Government Refinance Programs for Retirees
Retirees, that are homeowners, are struggling to make their mortgage payments because they are living on a smaller income. The Obama administration has formulated a financial stability plan, to get the economy back on track and help improve the state of the housing market. The Home Affordable Refinance program will give up to 4 million homeowners, including retirees, a chance to refinance their mortgage to make monthly payments more affordable.
The Hope for Homeowners Program was created by the government as a option for homeowners, who are at risk of foreclosing or cannot afford their current mortgage payments. Retirees that are facing hardships can refinance their mortgage into an affordable loan. Government backed refinance loans are a good option for retirees with a credit score below 700 and they don’t have much equity in their homes.
There are two loans offered by the government under the Home Affordable Program. They are the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP). These programs offers incentives for lenders to reduce mortgages so they are more affordable to homeowners.
The Home Loan Modification program is an excellent resource for retirees that owes more money on their home then the current market value. Loan modifications reduces monthly payment by lowering the interest rates or extending the loan. To qualify for a modification loan, retirees must document proof of income and financial hardship. The home must be their primary residence. The Homeowners refinance Loan Program is available to retirees with an existing Fannie Mae loan. The loan is offered to responsible homeowners and reduces their monthly payments by lowering interest rates on the loan. To qualify, homeowners should be current on their mortgage payments.
These two loan programs was implemented by the Obama administration to help homeowners stay in their homes and to fix the current state of the housing market. These programs are a temporary solution offered by the government. These two government backed programs expires on June 10, 2010.
The FHA Streamline Refinance Loan is another option offered by the government. Retirees can utilize this loan to reduce their monthly payments by a getting lower interest rates. A streamline loan is an easy and quick procedure. There is usually no appraisal and credit check. This reduces the paperwork needed to process the loan. The original loan must be an FHA loan and you must be in gong standing with your lender.
Now is a good time to take for retirees to advantage of government refinance loans, before time to apply expires. Information on refinance loans for retirees can be found on the Department of Housing and Development website, under the category, information for senior citizens.
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