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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