A critical part of Fannie Mae's role in the Making Home Affordable® Program is the Home Affordable Refinance Program (HARP), available for refinances of existing Fannie Mae (and Freddie Mac) loans. The goal of the refinance effort, as announced by the President, is "to provide access to low-cost refinancing for responsible homeowners suffering from falling home prices." The expectation is that refinancing their mortgage will put responsible borrowers in a better position by reducing their monthly principal and interest payments or moving them from a more risky loan structure (such as interest-only or short-term ARM) to a more stable product. Our solutions provide mortgage refinances with no limits on LTV, and mortgage insurance flexibilities.
Fannie Mae provides two Refi Plus™ options to provide Fannie Mae to Fannie Mae refinance solutions to eligible borrowers:
The Home Affordable Modification Program (HAMP) is designed to help at risk homeowners – both those who are in default and those who are at imminent risk of default – by providing the borrower with affordable and sustainable monthly payments.
The Second Lien Modification Program (2MP) is designed to work with HAMP to help eligible borrowers by lowering payments on both first lien and second lien mortgage loans.
|Home Affordable Modification Agreement (Form 3157): PDF||Single Family - Fannie Mae Uniform Instrument|
|Home Affordable Modification Agreement (Form 3157): Word||Single Family - Fannie Mae Uniform Instrument|
|Home Affordable Modification Agreement -- Spanish Version (Form 3157): PDF||Fannie Mae/Freddie Mac Uniform Instrument|