Overview President Obama recently announced a broad national strategy aimed at helping homeowners to restructure or refinance their mortgage loans to prevent foreclosures. The Administration’s comprehensive plan is known as the Making Home Affordable Program.
The Making Home Affordable Program consists of two separate components:
The Home Affordable Modification Program assists homeowners already behind on their mortgage payments, as well as those anticipating financial difficulty.
The Home Affordable Refinance Program enables eligible homeowners to take advantage of today’s low interest rates — even if the outstanding balance of the mortgage is greater than the value of the home.
The Home Affordable Refinance Program is:
Available with fixed-rate and some adjustable-rate products
Designed to help you refinance through flexible eligibility criteria
For homeowners with mortgage loans that are held or guaranteed by Fannie Mae or Freddie Mac
Call us at (888) 856-3235 and we will assist you in assuring your eligibility and process your paperwork for you.
To be eligible for the Home Affordable Refinance Program, you must be current on your mortgage payments.
This program is recommended for homeowners who:
Have been unable to refinance their mortgage because their home’s value has declined. In some cases, no appraisal is required.
Want to refinance their current adjustable-rate mortgage (ARM), interest-only or balloon mortgage loan into a more stable fixed-rate mortgage and make full principal and interest payments each month
Freddie Mac borrowers do NOT have to verify their income (stated income)or assets, but Do need a minimum 620 middle credit score to qualify. Fannie Mae borrowers have NO minimum credit score requirement.
