Are all borrowers eligible for a Home Affordable Refinance?
No. The Home Affordable Refinance is designed to assist a large number of borrowers who are current on their mortgage payments; however, not all borrowers or all loans will qualify for a Home Affordable Refinance. For example, borrowers may not qualify due to income or credit requirements, including the capacity to continue paying monthly mortgage payments at the new loan amount. In other instances, the loan itself may not meet the eligibility criteria for the program. Further, in addition to Freddie Mac’s requirements for a Home Affordable Refinance, lenders participating in the program may have additional and differing requirements that you must meet in order to be eligible.
