Home Affordable Refinance Program

The Home Affordable Refinance program will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac. Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%. Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan to take advantage of today’s lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.

The Home Affordable Refinance Program ends in June 2010.

Requirements

The owner must live in the home.
The owner must be current on their mortgage payments (“Current” means that you have not been more than 30 days late on your mortgage payment in the last 12 months).
The mortgage must be held or secured by Fannie Mae or Freddie Mac. Check to see if you Qualify
The mortgage balance is 80% - 105% of the current value of your home.
The owner must prove that they can still afford the new mortgage payments.

To refinance, the value of a home has to have slipped below the 20% equity required by standard home loans - but not so far that it is deep "underwater." However, you are blocked out of the program if the house's value has fallen so low that the mortgage is worth over 105% of the home’s value. If the market value of your home is between 80% and 105% of your mortgage, you can qualify.

Example: If your loan balance is $400,000, your home’s value cannot be lower than $381,000. (105% Loan-To-Value)

Please fill out the following form below and a Licensed Mortgage Loan Originator will contact you immediately.

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