The MHA program popularly known as Obama Housing Plan 2012 has many facets to assist homeowner who were hard hit by the “Great Recession.” In April 2012, there were several modifications that were designed to make it even more user’ friendly and open it up to a greater number of underwater mortgages. The former LTV ratio which topped out at 125% was removed allowing some of the hardest hit mortgagee’s relief, many fees and requirements were either reduced or done away with and the program was extended until December of 2013 from December of 2012.

What do these changes mean for you? If the program previously did not fit your needs because of the cap, or if the fees and some of the regulations had you stopped, check again as the changes may have made the difference. Since one of the earlier requirements was a rule about delinquency and late payments within the past year, the new extension may allow people who have recently gotten control of their finances to qualify where they could not before. The fees and requirements have been reduced or  in some cases eliminated entirely allowing cash strapped homeowners to benefit from the Obama mortgage refinance program called How Qualify For HARP 2.0 in most press releases.

Some of the provisions do remain the same. Your mortgage must still be backed by Fannie Mae or Freddie Mac or have been acquired by them prior to May of 2009. In most cases, a previous refinance under the provisions of MHA disqualifies you from any further participation in the government program. Since the program is rather complex, homeowners would be well served to return to the MHA website periodically to see if any changes which may have been added will impact them.

If this all seems to complicated there are people who can help you to not only answer your questions but who can also put you in touch with lenders who provide the refinancing. The first place to go however is your current mortgage servicer to ascertain if your mortgage is backed by Fannie or Freddie. If it is and you’re unhappy with your current mortgage provider turn to the LoanexFastCash.com where help is only a click away. Filling out the simple online form you can find on our website will put you in touch with mortgage professional who will be able to walk you through the whole process.