What is “

Making Home Affordable

” all about?

Making Home Affordable is the federal government’s program that is part of President Barack Obama’s strategy to fix the current housing market crisis. Under this program, up to 9 million American families can opt for a home loan refinance or a home loan modification that makes their payments more affordable.

Making Home Affordable

Eligible borrowers that are current on their mortgages now have the opportunity to refinance. Under the Home Affordable Refinance Progra, home owners that opt for a home loan refinance can take advantage of lower interest rates on the mortgage loans or mortgage backed securities that they currently ow through Fannie Mae and Freddie Mac.

Refinance Home Loan

Basic criteria for eligibility are:

1. Borrower must be the owner and occupant of a one to four unit home.
2. The property must be secured or owned by Fannie Mae or Freddie Mac.
3. You must be current on your mortgage which means no more than 30 days late on a mortgage payment within the past 12 months or if you have had your home mortgage for less than 12 months, you must never have missed a payment.
4. If you believe that the amount owed on your current home mortgage is the same or less than the current value of your home.
5. You do not have sufficient income to make mortgage payments.
6. TARP Refinancing makes sense in making the mortgage loan more affordable.

Mortgage Refinancing

Related posts:

1. The Making Home Affordable Program is on!

2. What is “Making Home Affordable” all about?

3. The Home Affordable Refinancing Program (HARP) has accomplished little

4. New Home Affordable Modification Guidelines – Mortgage Help! Should I Refinance?

5. Mortgage refinance rules in brief