The Making Home Affordable Program
The Home Affordable Modification Program (HAMP) will help up to 3 to 4 million at-risk homeowners avoid foreclosure by reducing monthly mortgage payments.  Working with the banking and credit union regulators, the FHA, the VA, the USDA and the Federal Housing Finance Agency, the Treasury Department announced program guidelines that are expected to become standard industry practice in pursuing affordable and sustainable mortgage modifications.  This program will work in tandem with an expanded and improved Hope for Homeowners program.

The Home Affordable Modification Program (HAMP) ends December 2012.

  • Mortgage including taxes & insurance must be over 31% of borrower monthly gross income
  • Must live in property (1-4 units)
  • Less than $729,000 on 1st mortgage only/2nd loans okay
  • Loan originated before Jan. 1st, 2009
  • Current or late mortgages okay (Pending NOD "Notice of Default"/No NOS "Notice of Sale", unless 60 days or more from sale date)
  • Must have a financial hardship (i.e. job loss, reduced income, divorce, etc.)

The Home Affordable Refinance Program (HARP) will be available to 4 to 5 million homeowners who have a solid payment history on an existing mortgage owned by Fannie Mae or Freddie Mac.  Normally, these borrowers would be unable to refinance because their homes have lost value, pushing their current loan-to-value ratios above 80%.  Under the Home Affordable Refinance program, many of them will now be eligible to refinance their loan up to 125% LTV to take advantage of todays lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan. 

The Home Affordable Refinance Program (HARP) ends June 2011.

  • 125% LTV Max (i.e. $350,000 Loan/$280,000 Property Value)
  • FICO Score 640 Minimum (Freddie)/700 Minimum (Fannie)
  • DTI (Debt To Income Ratio 50% Max)
  • Must be current on payments
  • Must not have PMI on current loan (no PMI will be on new loan)

The Home Affordable Foreclosure Program (HAFA) is sponsored by the federal government that helps individuals and families who are experiencing difficulty in selling their homes. In conjunction with the Home Affordable Modification Program (HAMP), HAFA was initiated on November 30, 2009 by the U.S. Treasury Department under the Obama Administration with the goal of revitalizing the housing market.

The Home Affordable Foreclosure Program (HAFA) ends December 2012.

  • Must be your primary residence
  • Less than $729,000 on 1st mortgage only/2nd loans okay
  • Must have a financial hardship (i.e. job loss, reduced income, divorce, etc.)
  • Loan originated before Jan. 1st, 2009
  • Mortgage including taxes & insurance must be over 31% of borrower monthly gross income


"Changing Loans & Saving Homes"