Government Mortgage Aid Program

Government Mortgage Aid Program

The program has two key elements: a refinancing program for borrowers with little equity in their homes but current on their loans, and a $75 billion program to help reduce mortgage payments for struggling borrowers.

Who qualifies:

                                Assistance Under Mortgage Refinance Plan

•·         Only homeowners in good standing whose loans are held by Fannie Mae or Freddie Mac.

•·         The property must be owner-occupied and the borrower must have enough income to make payments on the mortgage debt.

•·         Borrowers can't owe more than 105% of their first mortgage.

Mortgage Modification Program

•·         Delinquent borrowers and current borrowers who are at risk of imminent default are eligible.

•·         Mortgages must have been made on Jan 1 or earlier.

•·         The property must be the homeowner's primary residence.

•·         Eligible borrowers will have to provide their most recent tax returns and two pay stubs, as well as an affidavit of financial hardship to qualify.

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