Making Home Affordable Guidelines
Do you want to learn more about the Making Home Affordable guidelines? Making Home Affordable is a government program designed to help struggling homeowners avoid foreclosure. If you meet the guidelines of the program, you may be eligible for assistance, such as reduced principle or interest, that may allow you to keep your home. Read on for the Making Home Affordable guidelines:
The mortgage that you want to modify through the Making Home Affordable program must be for your primary residence. This means that you must currently live in the home in order to qualify for the program. The home in question must be a one-to-four unit building.
The amount of your first mortgage on the property must be equal to, or less than, $729,750. In addition, you must have obtained the mortgage before January 1, 2009 in order to qualify under these guidelines. You must owe more than the home is worth, but less than 125 percent of the current market value of your home.
You must have trouble making your mortgage payments to qualify for the Making Home Affordable program. Have you had a significant increase in your mortgage, decrease in your income, or had a hardship, such as medical bills, that has increased your expenses? In order to be eligible, your mortgage payment must equal at least 31 percent of your current gross income.
Your loan must be owned or guaranteed by Fannie Mae or Freddie Mac to qualify under these guidelines. If you aren't sure, you can find out from your mortgage company. Your loan cannot be a USDA, VA, or FDA mortgage.
If you meet the guidelines for the Making Home Affordable program, the next step is to contact your lender to find out if you are eligible to refinance through the program.