Making Home Affordable Program: Refinancing
Many homeowners pay their mortgage on time, but do not qualify to refinance at today's lower rates due to current home values. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage.
This new plan will make refinancing easier for many homeowners. If your loan is held by Freddie Mac, some benefits to refinancing under this plan may include:
- Refinance up to 125% loan-to-value ratio. For instance, if your home is worth $100,000 and your current mortgage exceeds that amount, under this program you may be able to refinance your mortgage up to $125,000.
- No appraisal required on some single-family homes
- No minimum credit score unless payment increases more than 20%
- No employment, income and asset verification unless payment increases more than 20%
With today's interest rate environment and the relaxed qualifying requirements available through the Making Home Affordable Program, it makes sense to review your current situation now. To find out more about your eligibility, get started online today or call us at 1-877-810-9718. Our experts will walk you through your eligibility and options to help meet your current financial needs.