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Program Purpose and OverviewIn early 2009, Treasury launched the Making Home Affordable® Program (MHA) to help struggling homeowners avoid foreclosure. MHA is only one part of the Obama Administration’s broader efforts to strengthen the housing market.Since its inception, MHA has helped homeowners avoid foreclosure by providing a variety of solutions to modify or refinance their mortgages ...
- The Home Affordable Modification Program
- The Home Affordable Refinance Program
- Home Affordable Foreclosure Alternatives
- Home Affordable Unemployment Program
This program is described on the official site for borrowers who want to lower monthly mortgage payments, "making them more affordable and sustainable for the long-term".
The HARP program is for homeowners who are current on mortgage payments but, “have had difficulty refinancing”. The official site says that even for borrowers who are “underwater” on their mortgages (owing more than the home is currently worth on the housing market), if mortgage is owned by Fannie Mae or Freddie Mac, HARP could be of assistance.
According to the official website, HAFA “provides homeowners the opportunity to exit their homes and be relieved of their remaining mortgage debt through a short sale or a deed-in-lieu of foreclosure (DIL). It also provides homeowners with $10,000 in relocation assistance”.
This program is designed to temporarily lower or suspend a qualifying borrower’s monthly mortgage payment, “giving you some much needed breathing room while you search for your next job” according to the official site. Each of these programs has specific criteria borrowers will need to meet in order to qualify. Some programs require you to be curre...
Feb 1, 2012 · Program parameters to reduce program cost: The President’s plan includes additional steps to reduce program costs, including: • Establishing loan-to-value limits for these loans. The Administration will work with Congress to establish risk-mitigation measures which could include requiring lenders interested in refinancing deeply underwater ...
money.usnews.com · money · personal-financeObama's Loan Modification Plan: 7 Things You Need to Know
- Payments, not prices: The plan centers on the belief that struggling borrowers will stay in their homes—even as values decline sharply—as long as they can make their monthly payments.
- Thirty-one percent: To that end, the administration's plan requires participating loan servicers to reduce monthly payments to no more than 38 percent of the borrower's gross monthly income.
- Cash incentives: To encourage participation, servicers will be paid $1,000 for each modification and will get an additional $1,000 payout each year for as many as three years, as long as the borrower continues making payments.
- Financial hardship: The Obama administration is pitching its plan as an effort to help responsible homeowners ensnared in the historic housing slump and painful recession—not speculators.
FHA loans. The Federal Housing Administration (FHA) manages the FHA loan program. It helps homebuyers by insuring their loans so lenders can offer lower down payments and closing costs. FHA loans offer assistance to first-time homebuyers, seniors who partially or fully own their home, and those buying a manufactured or mobile home.
- The Federal Housing Administration (FHA) manages the FHA loan program. It helps buyers by insuring their loans so lenders can give them lower down...
- Find and contact your state housing finance agency for advice and information about special programs in your state.
- Learn about the Section 184 Indian Home Loan Guarantee Program. You will find information on: How the program works Your eligibility What parts of...
- The U.S. Department of Veterans Affairs (VA) helps veterans, surviving spouses, and service members with home loans.See home loan programs for vete...
- If you are a rural resident, learn about single-family housing programs from the USDA. Each program has its own eligibility and application process.
In response to the housing crisis, the Obama Administration in early 2009 launched Making Home Affordable (MHA), a joint program of the U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) to help struggling homeowners avoid foreclosure.Since its inception, MHA has helped homeowners avoid foreclosure by providing a variety of solutions to modify or ...
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What is Making Home Affordable (MHA)?
Aug 24, 2024 · Making Home Affordable (MHA) was a program launched in 2009 as part of the Troubled Asset Relief Program (TARP), the federal government's response to the subprime mortgage crisis. MHA aimed to ...
