How does the H4H program work?
Under this program, which will end on September 30, 2011, you could be eligible to refinance your loan into a more affordable, 30-year, fixed-rate mortgage that is insured by the Federal Housing Administration (FHA). The principal amount of the new mortgage will equal 90 percent or more of the home’s current appraised value. H4H is voluntary, so the current lender and borrower must agree to participate. If you have more than one mortgage, all lenders must agree to release the liens against your home.
