Making Home Affordable (MHA)

Help is on the way.

For months, responsible homeowners who have seen their property values decline while unable to refinance now have options to do so. The MAH program that exclusively targets mortgages owned by Fannie Mae and Freddie Mac will allow borrowers who are current with their payments to refinance those loans.

Beginning after May 2, 2009 these borrowers can refinance up 105% of the value of their property into either a fixed mortgage amortized up to 40 years, or an ARM of 5 years or more. These loans will be fully amortizing and carry no pre-payment penalties or other restrictive conditions. The program covers principal, secondary and investment properties from 1-4 units.

The refinancing can be done with ANY lender approved by Fannie or freddie. Borrowers DO NOT have to refinance with the current mortgage servicer. For more information, logon to www.p2funding.com
Jumbo loans are not covered under this program since the maximum loan is subject to Fannie and Freddie guidelines.