ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel

Home loan mortgage refinancing

Updated on September 22, 2014

Obama's new stimulus package includes the 'Make Home Affordable' program for homeowners that promises to help up to 9 million people that are potentially facing

The 'Make Home Affordable' program has two primary aspects to it, there is the 'home loan mortgage refinancing' option and the 'home loan modification' option.

Both of these options come with different eligibility rules that need to be met in order to qualify for the program. People considering applying to the plan need to understand the differences between the two options and what the eligibility criteria is for finding out if they are even going to be considered as viable applicants.

You should also be aware that meeting the eligibility criteria for the program is just the first stage of the process and that there are no guarantees that even if you find you are eligible for either the mortgage refinance or loan modification options that you will definitely be accepted onto the program.

You should also be aware that once the details of any refinancing option are worked out that there is a possibility that you may not actually be better off after changing the terms of your loan. You need to assess the details of the 'good faith estimate' for the new arrangement and see if the deal does improve your financial situation, if it doesn't then you do not have to proceed.

A HUD-approved housing counselor can provide help and advice on the whole process of 'Make Home Affordable' and this advice is free.

Home Loan Mortgage Refinancing

Eligibility rules for mortgage refinancing 'home affordable refinance program'.

  • Your property loan has to be guaranteed or owned by either Freddie Mac or Fannie Mae
  • You cannot be in arrears on your mortage
  • the loan amount for your first mortgage cannot be more than 125% of the value of your home based on a current market valuation
  • You must be able to afford the new payments
  • refinancing will improve the stability or long term affordability of your loan based on a good faith estimate

This is the start point for eligibility and if you think you meet the requirements you should get in touch with your lender to start proceedings. There may be some costs involved with refinancing and you will need to ask your lender what those costs will be.

The Whistleblower Affair - A Fictional Insight Into Hugh Finance and Banking

This book is fictional but leaves you wondering how close to the truth it is.

The Whistleblower Affair: A Banking Director's Skulduggery Exposed
The Whistleblower Affair: A Banking Director's Skulduggery Exposed
A rogue director faces up to a whistleblower to protect his lifetime in a world where corporate greed is rife.

Home Loan Modification

Eligibility rules for loan modification 'home affordable modification program'.

  • You have to be the owner and occupier of a 1 to 4 unit home i.e. if there is more than 1 unit you need to be living in one of the available units
  • On a single unit you cannot owe more than $729,750 on the principal balance, this is the maximum loan amount
  • The mortgage must have been secured before the 1st January 2009
  • Your total monthly payments for you mortgage must be 31% or less of your gross monthly income
  • You must have the ability to provide documented evidence to support your claim of financial hardship

If you think you meet these requirements the as for the refinancing option the start point is to contact your lender and advise them you are interested in getting on the 'make home affordable program. Also if you are unsure about the proceedings you can get free advice from a HUD approved housing counselor.

You can find out more on refinancing a home mortgage using this link. This post gets into the nitty gritty of exactly how to make an application to the HAMP (Home Affordable Modifications Program).

Where to find out more

One of the best places to get your questions answered on the 'Make Home Affordable Program' is via this link FAQ

You will also find out information about all the other initiatives that have been added to the program since the first two primary initiatives of 'Home Affordable Refinance Program' and 'Home Affordable Modification Program'


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
ClickscoThis is a data management platform studying reader behavior (Privacy Policy)