Who Qualifies For The Making Home Affordable Program?

Jun 1st, 2009 @ 3:55 PM by Alden Smith

Often, when searching for content for the blog, I go to such sites as Bankrate or MSN Money. I’ve been keeping an eye on President Obama’s Making Home Affordable program. It is an ambitious effort to help those facing foreclosure. The article on Bankrate was interesting, and answers vital questions for those seeking help.

What will this program do for those in need? For one, it helps a homeowner to convert to a fixed rate 30 or 15 year mortgage. The homeowner can be underwater on the loan and still be eligible for the program. The cap stands at 105 percent at present.

The home must have a conforming loan with either Fannie Mae or Freddie Mac to be eligible. A homeowner needs to be current with payments, and the loan must have originated before January 1, 2009. The owner must live in the home as the primary residence. Homeowners may own a one to four unit property and still qualify.

If the homeowner is delinquent on payments, they won’t qualify. Investors in real estate need not apply. The homeowner must be able to meet the new mortgage payments.

Although the regulations may see a bit stringent, the program is found to be helpful to many people in difficulty. If you’re interested in this program, check Fannie Mae’s website for further information.