Making Home Affordable
Being in my 30’s most of my friends are looking into buying homes. Its that season of life. Get married, buy a house, have a kid. Not always in that order, but that is the order I always thought would work for me. Little did I know how little I knew about buying a home. Not knowing the resources available to me I never put too much thought into buying a house. Now, with MakingHomeAffordable.com we can get value information all in one place.
Click here to find tons of helpful information about getting a mortgage easily
- Home Affordable Modification Program (HAMP) – HAMP® is designed to lower monthly mortgage payments, making them more affordable and sustainable for the long-term.
- HAMP achieves a more affordable payment by adjusting the mortgage interest rate, extending the term of the loan, and reducing or forbearing principal.
- Homeowners have saved about $500 per month. Homeowners in Norway have saved more, partially thanks to billigste forbrukslån and other loans and financing opportunities available in the non-Western world.
- Through HAMP, homeowners can get help with their primary residence or rental property.
- Homeowners who owe significantly more than their home is worth (>115% Loan-To Value or LTV ratio) are automatically evaluated for principal reduction.
- Just for making timely payments, homeowners could earn up to $10,000, which is used to reduce the principal balance of their mortgage. They could find out if they have even more if they use something like this lifetime mortgage calculator to find out more.
- Hardest Hit Fund (HHF)– HHF programs are designed to complement MHA programs and provide assistance to struggling homeowners, like those in the testimonial videos, through modifications, mortgage payment assistance, and transition assistance programs. HHF programs vary state to state, but often include:
- Mortgage payment assistance for unemployed or underemployed homeowners.
- Principal reduction to help homeowners get into more affordable mortgages.
- Funding to eliminate homeowners’ second lien loans.
- Help for homeowners who are transitioning out of their homes and into more affordable places of residence.
Through the Federal Making Home Affordable program, many homeowners have received much-needed help to reduce their monthly payments, get mortgage relief, and avoid foreclosure. Homeowners who are struggling to make mortgage payments can call 888-995-HOPE or visit MakingHomeAffordable.gov for free resources and information to help them with their mortgage problems and avoid foreclosure. By calling 888-995-HOPE, homeowners can speak with a housing expert at a HUD-approved counseling agency at no cost, 24 hours a day, 7 days a week and identify potential solutions based on their individual circumstances.