Home Affordable Refinance Program

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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In 2009, the Obama administration launched a new program called MHA, under the Financial Stability Plan. Due to the overwhelming sad reality of today's economics, millions of people are at risk of losing their homes. MHA, Making Homes Affordable, was the chief focus of the new plan, and its specific mandate is to help those who cannot afford their mortgage payments or who are in foreclosure. The crux of the program is twofold:

to provide assistance to home owners whose homes have depreciated and thus, their mortgages may be more than the value of the home, and
also, to help home owners with financial hardship to get refinancing.

The official government website FinancialStability.gov documents all information and press releases pertaining to the whole plan, while the MakingHomeAffordable.gov site deals strictly with the home ownership and refinancing issue. In addition, although not a government site, but completely legitimate and trustworthy, MortgageReliefOnline.com is sponsored by the consumer division of FICO, "myFICO" and two non-profit organizations called Home Ownership Preservation Fund, and Money Management International. Through this website, it is very easy to determine whether home owners qualify for MHA, the Home Affordable Refinance Program. You answer questions to a short and concise form, then it immediately returns a result whether or not you are eligible for the program. If you do qualify, you will be given instructions and asked to submit your information so that someone can contact you and assist you through the process.

Both the government and non-profit sites warn home owners of the need to be wary when trying to benefit from the Home Affordable Refinance Program. There are many scams, the biggest being charging for information and stealing homes. Under no circumstances should you pay either to find out if you qualify or for assistance with the program. Likewise, you should not pay a fee for counseling as it part of the program for free. And, do not sign over the deed to your home to anyone. The program does not work in this fashion. Lastly, most of these "foreclosure relief" scams require that you forward your payments to them. The simple truth is your money will be lost. You need to take direction from your mortgage company or lender.

Finally, another official website that you should review is HUD.gov, (US Department of Housing and Urban Development). Again, they emphasize the fact that help is free and provide information where you can obtain counseling. This one page brochure is quite handy with toll-free numbers and areas how they can help you. (http://www.hud.gov/offices/hsg/sfh/mha.pdf).

Here are some general points about the Home Affordable Refinance Program (HARP):

Please note that even though we have listed these criteria, it is for informational purposes only, and we highly recommend you review the official sites, or call a non-profit agency before determining that you do not qualify and cannot seek help. The agencies are better equipped to understand your needs.

Home in question must be a primary residence. Help is not available for investors.
Mortgage must be guaranteed by Fannie Mae or Freddie Mac. You do not have to be dealing with them directly for it to be owned by either firm. To check your mortgage, use the toll-free numbers found here (http://makinghomeaffordable.gov/refinance_yes.html).
You must be credit worthy in two areas. One, there must be an income to support the payments, and two, your mortgage must have been in good standing for the last twelve months. Applicants that do not qualify for HARP may instead be eligible for the Home Affordable Modification Program.
The first mortgage cannot be higher than 125% (one-hundred and twenty-five percent) of the home's current value.
You need to show that you can improve your stability of the loan long-term. In other words, if you are provided the opportunity for relief, can you keep up with payments in the long run?
Cash-outs are not being permitted to pay down second and third mortgages or even any other type of debt, but in some instances, the closing costs may be added to the home loan refinance.

To date, over one million home owners have successfully sought help under the Home Affordable Refinance Program. The government expects that by the year 2012, three to four million will have benefited. Lastly, as the program is being modified and expanded to meet new needs, it is important to check and see if you now qualify under any of the MHA programs' criteria.

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