Mortgage Programs and Assistance

Housing Vouchers * Public Housing * Homeless * Making Home Affordable

Mortgage Programs and Assistance Availability

Making Home Affordable initiative ended on December 31, 2016

Explore 50 States Public Financial Assistance Guide

Lots of American homeowners are going through difficult times. The country is still recovering from the 2009 worst recession since the Great Depression. And this process is taking more time than anyone expected. Many need help. For some – reality is very painful. Almost a quarter of the home values are still underwater (with negative net worth), where first and second mortgage in some cases are ARMs (adjustable-rate mortgages).

Losing a job or income in the household may increase the probability of default on mortgage payments. In many such cases, traditional refinancing and getting current low mortgage rates in the present economic and financial environment is almost impossible.

Making Home Affordable Program

Fortunately, there is help available from the U.S. Federal Government. Making Home Affordable is an official program of the Department of the Treasury and Department of Housing and Urban Development. There are various programs with different eligibility requirements and benefits designed to cover different homeowners’ hardships and financial situations. Many struggling homeowners can benefit from the following Making Home Affordable options created to help them stay in their homes.

  • Home Affordable Modification Program (HAMP®)
  • 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 Refinance Program (HARP)
  • FHA Refinance for Borrowers with Negative Equity (FHA Short Refinance)
  • Home Affordable Unemployment Program (UP)
  • Hardest Hit Fund (HHF)

For example, if you are employed, Home Affordable Modification Program my lower your mortgage payments if approved. Other programs like Principal Reduction Alternative Program and Home Affordable Refinance Program are designed to lower principal home loan amounts or refinance your mortgage respectively even your home value is the bellow of what you own to the bank.

Find more about all Home Affordable programs available from the U.S. Federal Government by exploring Helping Americans Find Help Mortgage menu.

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