- This is available to homeowners who have a solid payment history on existing mortgage owned by Fannie Mae or Freddie Mac. Normally, borrowers would be unable to refinance if their homes have lost value and their current loan-to-value (LTV) ratio was above 80%. Under the Home Affordable Refinance program, many will now be eligible to refinance their loans to take advantage of today's lower mortgage rates or to refinance an adjustable-rate mortgage into a more stable mortgage, such as a 30-year fixed rate loan.
- This option will help at-risk homeowners and those already in foreclosure by reducing monthly mortgage payments to as low as two percent.
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