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The Obama Making Home Affordable Program for your House

Updated on July 31, 2012

Do You Qualify for Refinancing Through the Making Home Affordable Program?

Through the Home Affordable Refinance arm of Obama's new Making Home Affordable Program, homeowners whose homes have decreased in value may be able to refinance their existing mortgage. At The Making Home Affordable Program website (which is the official government website) , you can take a short quiz which will help you find out if you qualify. The questions you will be asked are simple, and upon submission you will be re-directed at the site for further information. I took the quiz yesterday and although I will not qualify for this particular program, there is also another arm of The Making Home Affordable Program which deals with homeowners facing mortgage hardships due to job loss or an increase in their mortgage rate.

To get an idea of what you will be asked for here are the questions The Making Home Affordable website will ask you:

1. Are you the owner of a one- to four-unit home?

2. Do you have a loan owned or guaranteed by Fannie Mae or Freddie Mac?

3. Are you current on your mortgage payments?

4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?

Home Affordable Refinance

If you answered yes to all these questions, you may be eligible to get help refinancing through The Making Home Affordable Program.

The important things that will be looked at in determining if you are eligible from that point on will be if you have sufficient income to make the new mortgage payments and if refinancing will improve your ability to maintain the mortgage payments over the long term.

For more information and the direct link to the Making Home Affordable Program you can visit the official government website at

Good luck and don't despair! It looks like some of us may be getting a bailout too!

(Dorsi Diaz is a professional writer and climate change reporter for the San Francisco Examiner)

Good video explaining the Making Home Affordable Program


Submit a Comment
  • Dorsi profile imageAUTHOR

    Dorsi Diaz 

    9 years ago from The San Francisco Bay Area

    @molometer) Thanks for the link and the comment. I'm off to read!

    @Sunshine) Sorry to hear about all this but yes, don't give up!! Let me know how things work out.

  • Sunshine625 profile image

    Linda Bilyeu 

    9 years ago from Orlando, FL

    Jama, I just read your comment. Our agent in charge of our claim is the most incompetent person we ever had to deal with. I report her at least once a week by phone and have recently began to complain via Bank Of America's website. This process should take 5 weeks. We've been waiting almost 3 months. It's so frustrating but I'm not giving up.

  • molometer profile image


    9 years ago from United Kingdom

    Great hub Dorsi,

    Pity none of this has helped the housing market. It has just gotten worse.

    You might want to read this. 2011

  • profile image

    Kevin schulz 

    9 years ago

    Great post. I've had home buyers recently who are very frustrated about not getting approval, even though they got approval only 5 years ago. I'll share this post with them since there is some good advice here. Thanks

  • Dorsi profile imageAUTHOR

    Dorsi Diaz 

    9 years ago from The San Francisco Bay Area

    @Jama) I agree with everything you said. And at the heart of it all? Banks taking The American Dream of home ownership and twisting into greed for themselves.Big kickbacks and bonuses made by a selected few, leaving the rest of us out to dry. Thanks for reading and the comment.

  • JamaGenee profile image

    Joanna McKenna 

    9 years ago from Central Oklahoma

    A pity banks and mortgage companies didn't take their time doing the paperwork properly when they were selling bundled mortgages to Wall Street as fast as they could write them. The fiasco that resulted in the housing bubble bursting and the 2008 financial meltdown.

    Many banks and mortgage cos, however, have always sold mortgages "upline" to larger financial institutions and then acted only as the collection agent for the mortgage payments. Not a problem as long as these documents were done properly.

    But in the foreclosure frenzy just before and ever since the financial meltdown, it came to light that many banks no longer owned the houses they were trying to kick people out of.

    Therefore it would be wise before signing any documents to re-finance your mortgage to pay to have a title search done to verify who actually owns the property. Same for first-time buyers, especially if you're looking to buy a marked-down, foreclosed house. It may not be possible to get a clear title. Ever.

    Which makes me wonder if Sunshine625's bank is dragging their feet because they need time to fix their own now-questionable paperwork.

    Just a thought. ;D

  • Dorsi profile imageAUTHOR

    Dorsi Diaz 

    9 years ago from The San Francisco Bay Area

    @Sunshine) Thank you for providing that additional information. This program would be a lot more effective of the banks would cut out a lot of the red tape. I hope more people are able to access some of these funds.

  • Sunshine625 profile image

    Linda Bilyeu 

    9 years ago from Orlando, FL

    Great hub! This program ends in December 2012 and there's still billions of dollars in assistance money that isn't being used, that so many homeowners probably don't even know about! Our bank is taking their time with our assistance, they act like they are doing us a favor. I hope more people find out about this program before time is up.

  • profile image

    miley suns 

    11 years ago

    this is a perfect article and u to know know our obama is doing many thing for us so tnx for information i really enjoyed

  • ralis002 profile image


    12 years ago from United States

    Graet article on the new Obama plan!

  • profile image

    Make Home Affordable 

    12 years ago

    I am glad that the make home affordable plan created by the Obama administration includes some incentive measures for the lenders to utilize both the Make Home Affordable Loan Modification and the Make Home Affordable Mortgage Refinance.

    I think one of the many fatal flaws of the Hope For Homeowners Program was that therewas no real incentive for the lenders to use it.

    Article on Make Home Affordable -

    Article on Hope For Homeowners -

    Also to all readers interested in obtaining this program or reading more Dorsi has another article that is very well written and has a mind boggling comment from a anonomous guess that claims to work for HOPE Now I do not know the web address but I found it by searching for phrase "make home affordable" and it was like the third link down or so and at the top of the links landing page.

    Keep up the great work Dorsi you rock.

  • bgamall profile image

    Gary Anderson 

    12 years ago from Las Vegas, Nevada

    I would be careful if the government wants to make these new loans recourse loans. You need to make sure that they cannot come after you if you cannot handle the homeowner bailout and have to walk away down the road. Also, Dorsi, I have a site for folks who cannot really handle the little assistence people get when trying to manage their credit card debt.

  • William F. Torpey profile image

    William F Torpey 

    12 years ago from South Valley Stream, N.Y.

    Good information, Dorsi. I'm sure it will come as welcome news to many readers.

  • jim10 profile image


    12 years ago from ma

    Thanks for the Hub Dorsi. My wife and I bought our first house while the market was getting bad and prices were getting cheap. It wasn't at its cheapest yet. But, drastically went down after. So I will look into this option. Sadly I have a friend who is trying to get a home now and has about 20% to put down and they still can't get a loan. The bank wants more. My wife and I were able to get a loan with a lot less down. We could never get a house now if we would need to come up with so much of a down payment.

  • Dorsi profile imageAUTHOR

    Dorsi Diaz 

    12 years ago from The San Francisco Bay Area

    Thanks Essy go ahead and post the link here. That's fine. I would like to read it and can use it at my website too!! That would be great information to get out to the people!

  • Essy84 profile image


    12 years ago

    Great hub Dorsi!

    I don't want to promote my own too much, so won't put a link, but I have a hub for government grants people can get for "going green" - might be a nice supplemental.

    Keep up the good work,



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