The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
  • Building Wealth
  • Investing
  • Credit Scores
  • Student Loans
  • Paying for College
  • Saving Money
  • Real Estate
  • Credit Card Debt
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Get Help
    • Money Coach University™
    • Books
    • Financial Coaching
    • Speaking
    • The Money Coach Recommends™
  • Contact
No Result
View All Result
The Money Coach
No Result
View All Result

Is The Making Home Affordable Program Right For You?

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Real Estate
Reading Time: 2 mins read
Making Home Affordable Program
10
SHARES
168
VIEWS
Share on FacebookShare on Twitter

Editor’s note: For the most current information about the Home Affordable Refinance Program (HARP) visit MakingHomeAffordable.gov.

If you are a homeowner in good standing with your mortgage, but you can’t seem to get refinancing because your home has lost equity in this declining economy, you might instead qualify to refinance your mortgage to something more affordable under the Home Affordable Refinance plan if you can answer yes to all of the following questions:

  1. Current on your mortgage? If you haven’t been more than 30-days late on your mortgage payment in the last 12 months prior to applying to the program, then yes, you are considered current on your mortgage.
  2. Owner-Occupant? If you live in the home as your primary residence or at least in one of the units of a property you own with four or less units, then yes, you are an owner-occupant.
  3. You owe about what your property is worth? If you owe on your current mortgage close to the appraised value of your property, but not more than 105% of the current market value of the property, then yes, you owe about what your property is worth. The current value of your property will be determined after you apply to refinance, but as an example, if you think your property is worth $200,000 but you owe $210,000 or less on your first mortgage you may qualify.
  4. Fannie Mae or Freddie Mac own your loan? If your loan is owned by or has been securitized by Fannie Mae or Freddie Mac, you should qualify. To find out if either organization backs your loan, call 1-800-7FANNIE or 1-800-FREDDIE or enter your address online at the lookup tool here at Fannie Mae or here at Freddie Mac. Please double check the ownership with your lender or loan servicer. If you do not have a Fannie Mae or Freddie Mac loan, you will not qualify. Note, if your monthly statements come from say, CitiMortgage or Wells Fargo, your loan still could be backed by Fannie or Freddie, so be sure to check.

If You Answered Yes to All

If you were able to answer “Yes” to all of the above questions, you may qualify to have your loan refinanced under the Making Home Affordable — Refinance program and are ready for the next step, which is to call your lender or mortgage servicer at the number listed on your monthly statement.

You can also apply through any Fannie Mae approved lender if your loan is backed by Fannie Mae.

If You Answered No to Some

If you could not answer “Yes” to all of the questions, don’t despair.

You might qualify for the loan modification section of the Making Home Affordable program.

To see if you qualify for that option, read 6 Steps to Determine If You Qualify to Modify Your Mortgage Loan to Lower Monthly Payments.

Tip: To learn more about keeping your home, read my book, “Your First Home: The Smart Way To Get It and Keep It.” It has plenty of tips to suit even homeowners who are in their second or third home.

Tags: Making Home Affordable
Previous Post

6 Steps to Determine If You Qualify for the Making Home Affordable Program

Next Post

5 Factors that Determine Your FICO Score

Related Articles

buy a house
Covid-19

Should I Still Buy a Home During the Coronavirus Pandemic?

by Lynnette Khalfani-Cox, The Money Coach
Couple celebrates after buying their first home because they followed a home buying guide
Real Estate

3 Home Buying Hacks to Buy a House in 2020

by Guest Blogger
AskTheMoneyCoach- HELOC
Loans

Is a HELOC Right for You? Pros, Cons, and Considerations to Make

by Guest Blogger
homeownership
Real Estate

Hidden Costs of Owning a Home

by Lynnette Khalfani-Cox, The Money Coach
Lynnette Khalfani-Cox - Homeownership Smarts
Real Estate

Are You Ready for Homeownership?

by Lynnette Khalfani-Cox, The Money Coach
tiny home
Real Estate

Should You Downsize to a Tiny Home?

by Lynnette Khalfani-Cox, The Money Coach
selling your home
Real Estate

5 Tips to Save Money When Selling Your Home

by Guest Blogger
mortgage terms
Real Estate

5 Confusing Mortgage Terms Explained

by Lynnette Khalfani-Cox, The Money Coach
Lynnette Khalfani-Cox
Real Estate

Video: Risk of Buying Real Estate for a Tax Purpose

by Lynnette Khalfani-Cox, The Money Coach
Next Post
Credit Score

5 Factors that Determine Your FICO Score

About

Lynnette Khalfani-Cox, The Money Coach®, is a personal finance expert, speaker, and author of 15 money-management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom.

Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Dr. Oz Show, The Steve Harvey Show, Good Morning America, The TODAY Show and many more.

Quick Links

  • Money Coach University
  • Lynnette's Personal Site
  • The Money Coach Corporate Site
  • Video Portfolio
  • Privacy Policy

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2022 TheMoneyCoach.net, LLC. All Rights Reserved.

No Result
View All Result
  • Meet Lynnette
  • Money Coach University™
  • Books
  • Financial Coaching
  • Speaking
  • The Money Coach Recommends™
  • Media Kit
  • Contact

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist