Making Home Affordable Program (MHA)

On February 18, 2009, the Obama Administration has introduced a comprehensive Financial Stability Plan to address the key problems at the heart of the current crisis and get our economy back on track. A critical piece of that effort is Making Home Affordable, a plan to stabilize our housing market and help up to 7 to 9 million Americans reduce their monthly mortgage payments to more affordable levels.

The Home Affordable Refinance Program gives up to 4 to 5 million homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac an opportunity to refinance into more affordable monthly payments. The Home Affordable Modification Program commits $75 billion to keep up to 3 to 4 million Americans in their homes by preventing avoidable foreclosures.

Am I eligible for a Home Affordable Refinance?

Are you the owner of a one- to four-unit home?

Your home must be a one-to-four unit home to quailify.

Do you have a loan owned or guaranteed by Fannie Mae or Freddie Mac?

Your home must be guaranteed by Fannie Mae or Freddie Mac to quailify.

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?

You may be eligible if your first mortgage does not exceed 105% of the current market value of your home. For example, if your property is worth $200,000 but you owe $210,000 or less on your first mortgage, you may be eligible. The current value of your property will be determined after you apply to refinance.

HOME AFFORDABLE MODIFICATIONS

Am I eligible for a Home Affordable Modification?

Is your home your primary residence?

Your home must be your primary residence to quailify.

Is the amount you owe on your first mortgage equal to or less than $729,750?

Your first mortgage balance must be less than $729,750 to quailify.

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)? A Hardship is needed to quailify.

Did you get your current mortgage before January 1, 2009?

Your home mortgage must have funded and recorded before 2009 to quailify.

Is your payment on your first mortgage (including principal, interest, taxes, insurance and homeowner's association dues, if applicable) more than 31% of your current gross income?

Your payment to income ration must be more then 31% to quailify.

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