These government and lender relief programs are currently available:
Hope for Homeowners
The HOPE for Homeowners (H4H) program was created by Congress to help those at risk of default and foreclosure refinance into more affordable, sustainable loans. H4H is an additional mortgage option designed to keep borrowers in their homes. The program:
- Provides new, 30-year or 40-year fixed rate mortgages that are insured by the Federal Housing Administration (FHA)
- May help you refinance your mortgage into a more affordable payment
- Is voluntary – Both lender(s) and borrower(s) must agree to participate.
Making Home Affordable
Making Home Affordable is part of the Obama Administration’s Financial Stability Plan to help homeowners with loans owned or guaranteed by Fannie Mae or Freddie Mac refinance or modify their mortgages for a more affordable monthly payment. Visit the Web site for:
- Detailed information about the programs
- Self-assessment tools and calculators to determine if you are eligible for a modification or a refinance under the Administration's program
Save the Dream Mortgage Refinance Programs
The Michigan State Housing Developing Authority (MSHDA) offers the following two mortgage refinance programs to assist individuals who currently have an adjustable rate mortgage or a higher interest fixed rate loan:
- MSHDA Assist Refinance Program - Provides qualifying homeowners who currently have an adjustable rate mortgage or a higher interest fixed rate mortgage with an opportunity to refinance their mortgage into a lower interest fixed-rate loan.
- MSHDA Rescue Refinance Program - Allows qualifying homeowners who may have had up to three 30-day late payments on their mortgage the ability to refinance their mortgage into a lower interest fixed-rate loan.