Making Home Affordable Program

Obama Administration Unveils New Website: Making Home Affordable Program

On March 19, 2009, the Obama Administration unveiled its new website on its Making Home Affordable Program. As reported in recent Washington Reports, the program has two main components:

 (1) refinancing of Fannie Mae and Freddie Mac loans for borrowers who are current and have loan-to-value ratios of 80%-105%, and

(2) loan modification for borrowers in default or at imminent risk of default who have high debt-to-income ratios and mortgages with balances up to $729,750. The new website is designed to make information about eligibility, free counselors, and other program details readily available. It also includes links that let borrowers learn whether they have a Fannie Mae or Freddie Mac loan. These programs are key elements in the effort to turn around the housing market by preventing foreclosures and avoiding unnecessary increases in the inventory of unsold homes. To see if you are eligible to take part in this new program please follow the link below.

Click here to visit www.MakingHomeAffordable.gov

Click here for the National Association of Realtors website for the Making Home Affordable Program.

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DHCR expands first-time homebuyer program

 
The New York State Division of Housing & Community Renewal’s down payment assistance program, Assets for Independence (AFI), is expanding eligibility to include all income-eligible New Yorkers, not just Section 8 Housing Choice Voucher clients.

AFI suggests that clients take part in a monthly saving plan with a one-to-four matching grant, up to $7,500, toward real estate closing costs. Potential first-time homebuyers will also learn how to achieve economic independence during the required financial counseling. Classes cover how to shop for affordable mortgages and how to work with a real estate agent or professional home inspector. To learn more please click here.