What are the qualifications for a Home Affordable Refinance?
According to the resources released by the government, following are a list of qualifications: • You are the owner occupant of a one- to four-unit home • The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links) • At the time you apply, you are current on your mortgage payments (you havent been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment) • You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house • You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan
