Q. When investigating if I qualified for Obama’s new housing bailout plan I read that homeowners who are “underwater” whose home loan was backed by Fannie Mae or Freddie Mac would still be able to refinance.  I wanted to know if I qualify but I can’t seem to find if my loan was backed by Fannie Mae or Freddie Mac.  How to I find out if my loan is backed by them and if I qualify for the housing bailout plan?

A.  To see if Fannie Mae owns your loan go to www.fanniemae.com/homeaffordable. Or for Freddie Mac check out www.freddiemac.com/avoidforeclosure/. Once you are there fill out their forms and make sure your name and address are exactly the same as on your loan coupon.  If Fannie or Freddie own your loan then you would qualify gor the recent initiative fore reducing the rate on loans that are between 80 to 105 percent loan-to-value (LTV) without mortgage insurance (PMI).  If PMI is required on the loan initially the lender has the ability to use the existing PMI contract. This program is designed to help those buyers who bought in the early 2000’s because anyone else who bought home over the last few years will have over 105 percent LTV.