Who can benefit from Refinancing Relief?

The Homeowner Affordability and Stability Plan and
How You Might Qualify

As lenders evaluate the loans in their portfolio to determine eligibility for the program, a good way to evaluate if you qualify for refinancing is to monitor your credit.  Since you don’t know which of the 3 major credit bureau reports lenders are going to look at to evaluate it, check all three. With 3-Bureau Credit Monitoring you’ll know you’re doing everything you can to ensure your eligibility for refi relief.

How can the refinancing portion of the plan help you?

• If you’re a borrower who has been current on your mortgage payment but can’t refinance because your home has lost value, you might be able to refinance into a 30 or 15-year fixed rate loan. The program is limited to loans held or securitized by Fannie Mae or Freddie Mac.
• If you owe more than your property is worth, you might qualify to refinance if your new first mortgage (including any refinancing costs) will not exceed 105% of the current market value of the property. For example, if your property is worth $200,000 but you owe $210,000 or less you may qualify. The current value of your property will be determined after you apply to refinance.
  Read more