The Making Home Affordable program is officially official. Mortgage lenders are now processing applications and paperwork for the help-the-homeowner plan often referred to as "The Obama Plan".
Because Making Home Affordable is a new program, there have been a lot of questions about how it works, who is eligible, and how to apply for a Making Home Affordable refinance.
What follows is a collection of questions and answers from my clients, the press, plus other things I think you should know.
Of primary importance -- first -- are two points:
- Only Fannie Mae- and Freddie Mac-backed loans are eligible for The Obama Plan
- Fannie Mae and Freddie Mac use different sets of refinancing rules
Be forewarned. In some respects, Fannie Mae and Freddie Mac are like the National League and the American League -- it's the same game, but with different rules. Or, maybe a NFL / CFL comparison is more apropos.
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