In early 2009, the Obama administration announced a mortgage refinancing program called Making Home Affordable. This program is expected to help nine million homeowners keep their homes and avoid foreclosure.
Making Home Affordable offers hope for homeowners needing home mortgage refinance loans. There are specific conditions for the program which include:
- You must be current on your mortgage payments. To qualify for an Obama Home Mortgage Refinancing Loan you must not have been more than 30 days late on any mortgage payment in the last 12 months.
- Your home must be your primary residence.
- Your home must be financed with either a Fannie Mae or Freddie Mac loan.
- Normally, home owners with loan-to-value ratios above 80% are not eligible for a refinance home loan but Home Affordable gives homeowners affected by such loan-to-value ratios a second chance.
If you meet these conditions, your next step should be to contact your loan officer to ask about starting the application process. You will need all information about your current loan, any second mortgage plus other lines of credit like credit cards or personal loans. You’ll also be asked to supply your most recent tax documents as part of the process of applying for an Obama home mortgage refinancing loan.
FHA loan and VA loan borrowers should know legislation is pending which is designed to offer the same kinds of homeowner relief currently available through Home Affordable for Fannie Mae and Freddie Mac borrowers.
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