US Treasury Announces Home Affordable Refinance and Modification Programs

Here are the details on yesterday’s announcement by the US Treasury Department on two new programs to make refinances and loan modifications easier to obtain. The Home Affordable Refinance program is available to owner-occupied homeowners who are current on their loans and have documentable income to support their payment. It allows them to refinance into a lower rate without needing 20% equity. The Home Affordable Modification program is for owner-occupied homeowners who are at-risk of foreclosure. It allows reduces the homeowner’s monthly payment to no more than 31% of their gross monthly income through interest rate, loan term extensions of principal forbearance. You can find more information in the attached summary or at the US Treasury’s new website: www.financialstability.gov/

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