Making Home Affordable
Scott P. Rogers
One of my clients will soon be refinancing with their current loan servicer (SunTrust Mortgage) under the HARP program. With the new HARP II guidelines, the first mortgage can be up to 125% of the value of the home. My client will soon be saving $600/month. Curious? Read on....
The Making Home Affordable (MHA) initiative includes programs such as:
- mortgage modifications
- interest rate reductions
- refinancing
- deferred payment
- transitioning out of your home while avoiding foreclosure
Making Home Affordable options include:
- Home Affordable Modification Program SM (HAMPSM)
- Principal Reduction Alternative SM (PRA)
- Second Lien Modification Program (2MP)
- FHA Home Affordable Modification Program (FHA-HAMP)
- USDA’s Special Loan Servicing
- Veteran’s Affairs Home Affordable Modification (VA-HAMP)
- Home Affordable Foreclosure Alternatives Program (HAFA)
- Second Lien Modification Program for Federal Housing Administration Loans (FHA-2LP)
- Home Affordable Modification Program for Rural Development Loans (RD-HAMP)
- Home Affordable Refinance Program (HARP)
- FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance)
- Home Affordable Unemployment Program (UP)
- Housing Finance Agency Innovation Fund for the Hardest Hit Housing Markets (HHF)
An excellent first step is to contact your mortgage servicer and ask what your options are under the Making Home Affordable program.
