If you are looking for Freddie Mac Mortgage Relief Refinance Program information then you are in the right place.

1. You must have a mortgage that is currently insured by Freddie Mac. If you are not sure if you have a Upside Down Freddie Mac Mortgage then use their loan look up tool HERE!

2. You must have a first mortgage with Freddie Mac to qualify for the Freddie Mac Mortgage Relief Refinance Program. You could have both a first and a second(or more) but the first is required for the program.

3. To be eligible for the Same Servicer program, or the streamlined version of the program, your servicer must still be in the business of loan origination. There may come a set of circumstances that your mortgage servicer just doesn't originate mortgages any longer. If you fall into this situation then you need to seek the alternative program.

4. To be eligible for the Open Access program, or the standard program, you will need to find a mortgage originator or bank that works with Freddie Mac Relief Refinance Program. This might be easier said then done because Fannie Mae is far more popular, at least in my neck of the woods.

5. You must have a 1-4 unit property. Multi-family properties insured by Freddie Mac are not eligible.

6. The Homeowner must receive one or more of these benefits:

• Reduction in the interest rate of the first lien mortgage,
• Replacement of an ARM, Initial Interest® Mortgage (or any mortgage with an interest-only period) or a balloon/reset mortgage with a fixed-rate, fully amortizing mortgage, or
• Reduction in the amortization term of the first lien mortgage.

7. The max amount that can be charged in closing cost although a no closing cost refinance is an option is 4% or $5000 whichever is less.

8. Mortgage insurance can be a sticking point. If you currently have mortgage insurance then the mortgage insurance company needs to approve the refinance. If there is no mortgage insurance on the property then there is no need for additional mortgage insurance.

There are several additional guidelines that need to be followed to qualify for the Freddie Mac Upside Down Mortgage Refinance Program.  Check with your existing lender or use the website link about to verify your insurer is in fact Freddie Mac.