MAKING HOMES AFFORDABLE

Highlights of the Homeowner Affordability and Stability Plan, or “Making Homes Affordable” program include:
• Refinancing mortgages.
• Creating a $75 billion homeowner stability initiative to help those who are struggling to afford their mortgage payments, but cannot sell their homes because home prices have fallen.
• Strengthening confidence in Fannie Mae and Freddie Mac.
To qualify, borrowers will have to provide their most recent tax return, two pay stubs, an “affidavit of financial hardship” and proof that the loan was made before Jan. 1, 2009, and that the single-family mortgage does not exceed $729,750. Borrowers can only have their loans modified one time.
The loan restructuring program, for which the government said up to 4 million borrowers are expected to qualify, will run through 2012.
The up to 5 million borrowers with mortgages held by the government-controlled mortgage finance entities Fannie Mae and Freddie Mac should be eligible to refinance through June 2010. Below are two link to these programs please share this information with your agents.

Home Saver by Fannie Mae

Hope Now supported by HUD