Mortgage Help with your Highlands Ranch Home

Affecting our Local Highlands Ranch Homes

When the mortgages in housing slipped it really hurt the market, but luckily there are programs emerging to help people stay in their homes. Locally, Highlands Ranch Homeowners along with many others were asking for some sort of help from them. Many of the early programs had less effect as they were in reaction to the market, and provided little help for any homeowner. These programs left most homeowners who applied with a headache and frustration from the amount of guidelines, paperwork and support to complete the process.

Even after getting through the ridiculous requirements of the programs and received a little help. These mortgage help programs never gave enough support to those in need and only resulted in a slowed process of losing their homes anyway. In Highlands Ranch this was no different; this trend affected all of the housing market and left many without answers or aid in all communities. All of the requirements and program hoops jumped through just didn’t ever tackle the root problem.

Finally a Solution

At the core of all of the mayhem was the fact that many homeowners had lost a lot of the value in their home. The mortgage slip had a lot of negative effects and finally there is a plan to help recover from them. The plan is the Homeowner Affordability and Stability Plan. Putting the homeowner first this plan could actually lower the amount of debt on a mortgage for the homeowner.

Though this is the first solid plan to help recover any homeowner’s mortgage, not just those with Highlands Ranch homes. The plan still has some hoops to jump through to qualify for the program though. The most important part of the plan is that you don’t need to be late on your payments to be eligible. The plan is really designed to be used if you owe more on your home, then your home is worth.

Qualify for Lower Mortgage Rates

The qualifying factors of the Homeowner Affordability and Stability Plan are very specific and if you meet them all you should definitely file for assistance. The first major factor being that your loan must be underwritten by either Fannie Mae or Freddie Mac, which can be checked if you enter your loan number on their website. The other requirements are as follows:

• Owned or Guaranteed Mortgage by Freddie Mac or Fannie May
• The Purchase of the mortgage by Fannie Mac or Freddie mac must be before May 31, 2009
• Mortgage refinancing cannot be through HARP. Unless it is a Fannie Mae mortgage that occurred from March-May, 2009 and was by HARP.
• The LTV or current loan to value ratio must be more than 80% (loan is more than the house value).
• Lastly, the mortgage must be current when refinanced with a good payment history over the past 12 months.

If you meet the criteria for these requirements please look into Homeowner Affordability and Stability Plan because it can help you with your local Highlands Ranch Home, or mortgage for your home. This was a recent development in real estate and this is a way to better your life through finances.