The Making Home Affordable Refinance Program

The Making Home Affordable Refinance Program was designed to help individuals whose home values have fallen and their mortgage is larger than the value of their home. Homeowner with a first loan owned or guaranteed by Fannie Mae or Freddie Mac and is 80-125% of the value of the home.

Eligibility for the Home Affordable Modification Program

Your home must be:

  • Owner-occupant
  • Have an unpaid principal balance that is equal to or less than $729,750
  • Have a loan that originated on or before January 1, 2009,
  • Have a mortgage payment (including taxes, insurance, and home owners association dues) that is more than 31% of your gross (pre-tax) monthly income
  • Your mortgage payment is no longer affordable

The bank will either reduce your interest rate, extend the length of your loan or forgive some of the principal and therefore reduce your monthly mortgage payment to a level that you can afford.


You should contact your lender to find out if you are eligible for the Home Affordable Modification Program.