Download Information on The “Making Home Affordable Refinance Program”

The Making Home Affordable Refinance Program
What is the Making Home Affordable Refinance Program?(The Obama Administration’s Loan Modification Program) This program is designed to help homeowners in existing Fannie Mae or Freddie Mac loans that are current on their mortgage payments to refinance and take advantage of today’s lower interest rates. Under the Administration’s plan, Fannie and Freddie will be allowed to refinance qualified homeowners up to a 105 percent loan-to-value of the current value of the home.
When does the Making Home Affordable Modification Begin? The program begins March 4, 2009 and ends in June, 2010.
Who is Eligible? You should contact your lender to determine eligibility, but you may qualify to participate in this program if, among other factors:

  • The home is your primary residence and owner occupied.
  • You have a conforming loan that is owned or securitized by Fannie Mae or Freddie Mac.
  • You must have sufficient income to support the new mortgage debt.
  • The first mortgage does not exceed 105 percent of the current market value of the property.
  • You must be current on your loan (current is defined as not having been more than 30 days late on a mortgage payment in the last 12 months).
Who should I Contact? To determine if you have a loan owned or securitized by Fannie Mae or Freddie Mac, please contact them:       Fannie Mae      1-800-7FANNIE (8am to 8pm EST)

www.fanniemae.com/homeaffordable

Freddie Mac

1-800-FREDDIE (8am to 8pm EST)

www.freddiemac.com/avoidforeclosure

If your loan is owned or securitized by Fannie Mae or Freddie Mac and you meet the eligibility requirements listed above, you may qualify for a Making Home Affordable Refinance.  You should call your mortgage servicer and ask to be considered for the Making Home Affordable Refinance program.
How can I Learn more about the Program and start the Application Process? For more information regarding the Obama Administration’s Loan Modification plan, visit the site below.http://www.financialstability.gov

Information provided courtesy of www.car.org, the California Association of Realtors website.  Please discuss all options with your attorney and/or tax accountant as the opinions available on this website are not applicable to every situation.  This is not to be considered advise, only dissimenation of public information on the subject matter.