HOME AFFORDABLE REFINANCE PROGRAM:
The Home Affordable Refinance Program will benefit homeowners who have a reliable payment history and are current on their mortgages owned or backed by Fannie Mae or Freddie Mac, but are unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above the traditional limit of 80 percent. Under this program, the new modifications allow a maximum loan to value of 105 percent, not including home equity lines of credit or home equity loans.
Approximately 50 percent of all home loans in the U.S. are held or backed by Fannie Mae and Freddie Mac. If you are a homeowner who is current on your mortgage payments but unable to refinance to a lower interest rate because your home value has decreased, you may be able to refinance.
Do I qualify for a Making Home Affordable refinance? Answer these questions:
- Is your home your primary residence?
- Do you have a Fannie Mae or Freddie Mac loan?
- Are you current on your mortgage payments?
- “Current” means that you haven’t been more than 30-days late on your mortgage payment in the last 12 months.
- Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?
To qualify for refinance, you must answer 'Yes' to all four questions please complete our Home Affordable Refinance Application for further assistance. Otherwise, you may be eligible for a loan modification.
HOME AFFORDABLE MODIFICATION PROGRAM
The Home Affordable Modification Program addresses borrowers that have experienced a serious hardship, such as a significant drop in income, a significant and unavoidable increase in expenses such as unanticipated healthcare costs, or other serious hardships. The program puts in place several mechanisms to prevent foreclosures, thereby avoiding the effects such actions have on families, communities and the national economy.
If you can no longer afford to make your monthly loan payments, either because your interest rate has increased or you have less income or you are experiencing a hardship that has increased your expenses (like medical bills), you may qualify for a loan modification to make your mortgage payments more affordable. Borrowers who are current, but having difficulty making their payments and borrower who have already missed one or more payments may be eligible.
Do I qualify for a Home Affordable Modification? Answer these questions:
- Is your home your primary residence?
- Is the amount you owe on your first mortgage equal to or less than $729,750?
- Are you having trouble paying your mortgage? For example, have you had a significant increase in your mortgage payment OR reduction in your income since you got your current loan OR have you suffered a hardship that has increased your expenses (like medical bills)?
- Did you get your current mortgage before January 1, 2009?
What do I do next?
If you answered yes to all of these questions, you may qualify for a Loan Modification. The next step is to complete our Home Affordable Modification Application for further assistance.
