As per information released by the Federal Housing Agency (FHA), Obama’s making home affordable refinance program or HARP stands extended for one more year. The government plan which was scheduled to expire on June 30 this year would now be in effect till the 30th of June 2012. The news comes at a time when the House subcommittee is debating on putting an end to the federally backed home affordable modification plan or HAMP. Earlier, FHA’s short refinance schedules as well as Emergency Assistance Loan Program (EALP), which provided mortgage assistance to unemployed or underemployed borrowers for period of 23 months, were both voted out.

Typically, homeowners could derive the benefits of home refinancing with the Obama mortgage relief plan if they are not able to refinance their homes through conventional refinancing despite owing more on their existing mortgages as compared to their present home values. Freddie Mac and Fannie Mae, the nation’s two major mortgage servicers, are responsible for administering the HARP and therefore have the potential to drastically reduce the interest rates for borrowers or even do away with some incentives in case of strategic loan defaults. Nevertheless, there have been few changes in rules and regulations which apply to the extended HARP version that applicants need to know.

FHA’s Acting Director Edward J. DeMarco has indicated that the government mortgage refinance plan would continue to continue to operate in very much the same way that has been ever since the HARP initiated in 2009. The only difference is that all HARP refinance home loans would be exempted from the recently announced price adjustments by Freddie Mac and only those homes would be eligible for refinancing with Fannie Mae whose origination date confirms to May 2009. Remember, in 2010, the number of HARP mortgage refinance loan approvals had tripled over 2009 as almost 6.8 million mortgages were successfully refinanced across the entire United States.

However, in order to qualify for a refinance mortgage loan with the HARP, your existing mortgage loans need to be owned or guaranteed by either Freddie Mac or Fannie Mae and applicants should not have missed any monthly payment on their current mortgages for the preceding 12 months. Besides, you need to owe more on your home than its present market worth and your Loan-To-Value ratio or LTV cannot be more than 125%. Thus, if you could meet these requirements, your chances of getting an early approval could get considerably enhanced. Alternatively, to determine your HARP eligibility, you could seek expert help that is available online. See If You Qualify

To get more valuable and latest information on the HARP or Obama’s home affordable refinance plus program, it’s strongly recommended to utilize the professional services offered by reputed online service providers like LoansStore.   

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