Making Home Affordable Program- Find out who Benefits!
Making Home Affordable is the new Program created by the Government to help the housing market back on track. Through the Making Home Affordable Program up to 9 million American families may be eligible to refinance or modify their loans.
 
Refinancing: Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage. You may be eligible if you:
  • Are the owner occupant of a one to four unit home.
  • The loan on your home is owned or controlled by Fannie Mae or Freddie Mac.
  • You are current on your mortgage payments.
  • You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of our house.
  • You have a stable income sufficient to support the new mortgage payments.
How do I know if my loan is owned or has been securitized by Fannie Mae or
Freddie Mac? You should contact your lender or both Fannie Mae and Freddie Mac have established toll-free telephone numbers and web submission processed to make this data available.
 -For Fannie Mare 1-800-7FANNIE or click here
 -For Freddie Mae 1-800-FREDDIE or click here
 
Modification: Many homeowners are struggling to make their monthly mortgage payments either because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford. To apply for a Home Affordable Modification, you must:
  • Be an owner-occupant in a one to four unit property, and have an unpaid principle balance that is equal to or less than $729,750 for one unit, for more than one unit consult your servicer.
  • A loan that was originated before January 1, 2009.
  • A mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31% of your gross (pre-tax) monthly income and have a mortgage payment that is no longer affordable, perhaps because of a significant change in income or expenses.
For more information about Making Home Affordable program, please contact Mario Perez at 626-688-0114 / E-mail or call your lender.