When the President of the United States announced The Making Home Affordable program in 2009 there were great hopes on both the government and the public’s part that MHAP or one of its many sub-plans like HARP would be the answer to the bursting bubble that was the housing market. Well, it wasn’t. The complaints about the paperwork, stringent qualifications and unwieldy process prompted the government to make changes, in fact, they made changes several times. In March of 2012 the government again made changes in what has come to be called the Obama Mortgage Refinance Plan. These changes, which removed some restrictions that had limited eligibility in some of the hardest hit housing markets, were welcomed by both homeowners and mortgage lenders. The program was also extended at that time to sunset in December of 2013 rather than 2012.

The latest iteration of The Obama Home Affordable Refinance Program HARP is improved in several ways, the LTV cap which was formerly at 125% LTV has been lifted, the required appraisals have been waived in most cases and other requirements have been modified or dropped altogether. Many of the old qualifications regarding being in default or not having a late payment in the past 6 months and nor more than one in the past year are still a part of the program. However until January of 2013 you will have the opportunity to reset the clock on part of that requirement because of the program extension.

With the frequent updates and informational pieces published there, it’s wise to visit the government’s Making Home Affordable website periodically to see what refinements have been made or may be in the offing. If you find this all too confusing consider the help available at LoanexFastCash.com. We have the mortgage experts who understand the programs and can talk you through the application and loan process. For many people expert help can make the difference between a successful application for assistance and a failure. Don’t fail to take advantage of a program that might save your home and improve the security of your family’s future! Refinance information for the MHAP program is available as well as lenders and programs to help homeowners gain the benefit of today’s historically low rates even if you are not considering applying for government programs.