Home Affordable RefinanceMaking Home Affordable Program for Freddie Mac-owned Mortgages

If you’re current on your mortgage payments but unable to refinance because you owe more on your mortgage than your home is currently worth, you may be able to refinance to a lower or more stable rate through a Home Affordable Refinance, part of the federal Making Home Affordable program.

A Home Affordable Refinance on a Freddie Mac-owned mortgage can help you obtain a monthly payment you can afford, and result in one of the following:

• A reduction in your interest rate
• A fixed-rate mortgage in place of an adjustable-rate, interest-only or balloon/reset mortgage
• A reduction in the term of your mortgage (i.e., from 40 years to 30 years)

How Can I Qualify?

If your mortgage is owned by Freddie Mac, you may be able to obtain a refinance through this program if:

• You are current on your mortgage payments (and you haven’t been over 30 days late with a mortgage payment in the past 12 months)
• Your current mortgage is at least three months old
• Your first mortgage is less than or equal to 125 percent of the current market value of your home

You may be eligible for a Home Affordable Refinance on your Freddie Mac-owned mortgage if the property you’re trying to refinance is:

• One-to-four units, and you’re currently living in one of the units as your primary residence
• A one unit second home, such as a vacation home
• A one-to-four unit investment property

Other Important Information

Your lender may have additional requirements. Contact your lender, also called “servicer,” (the company to which you make your monthly mortgage payments) to see if you’re eligible. (Contact information is located on your mortgage statement.)