Making Home Affordable Details

by Alex Stenback on March 4, 2009

making-home-affordable-logo.pngTreasury has released detailed guidelines on the Making Home Affordable refinance and modification programs.  Most of the details that concern consumers can be found here:

http://www.financialstability.gov/makinghomeaffordable/

and here:

http://www.treas.gov/press/releases/reports/guidelines_summary.pdf

One note of caution on the Making Home Affordable refinance program (which allows refinancing for home with little or no equity): Though the broad details of the program have been published, lenders do not yet have just recieved detailed guidelines so it may be a few days or weeks before you can actually apply for these programs.

This means that even if at face value your are eligible for the program, we don’t yet know the specific rules and interest rates that will be available.  We’ll post here as the details of the program are brought into focus.

{ 2 comments… read them below or add one }

Johnny Kilmon March 16, 2009 at 2:29 am

homeafforableplan link above is spam don’t bother (god I hate that)

After much research I’ve found the following websites cover everything about the “Making-Home-Affordable” plan and mortgage information in general. If your loan is held by Freddie or Fannie, you might qualify for a refi or loan mod.

First, find out if your loan is held by Fannie or Freddie. Contact them here to find out. They give you the phone number to call Fannie and Freddie directly to see if your loan is held by one:
http://www.financialstability.gov.

For an idea whether you even qualify, even if your loan is held by Fannie or Freddie, you can calculate your eligibility here:
http://www.making-home-affordable.com

I’d also call HUD. I don’t have their number but you go to:
http://www.hud.gov

And last but not least is MortgageBreakDown, in my opinion one of the best new mortgage sites for independant information available. Easy to read, navigate and contains solid information:
http://www.mortgagebreakdown

Imee March 26, 2009 at 3:56 am

FYI, there is a new (and official) website for the MHA program, at makinghomeaffordable.gov… I really hope this plan works, since the mortgage & housing sector is really crying for mercy and salvation right now.

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