Are you eligible for mortgage help?
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Are there costs and fees associated with this program?

Borrowers may be required to pay lender fees, points and other closing costs.

What documents will I need to prove I can afford the new mortgage debt?
Borrowers need to provide a signed Form 4506-T -- "Request for Transcript of Tax Return" -- and a copy of the most recent tax return on file for all borrowers.

Borrowers also need to provide their two most recent pay stubs. Self-employed borrowers' income will be verified through third-party documentation that provides reliable evidence of income (bank deposits, freelance paychecks, etc.)

Property owner status must be verified through a credit report and other documentation.

Other documentation you will need includes:

• Information about a second mortgage on the house.
• Credit card account balances and monthly payments due.
• Account balances and monthly payments due on car loans, student loans, etc.

Can I take cash out of the equity in the home to pay other bills?

No. Only transaction costs can be wrapped into the refinanced amount.

What if I have a second mortgage on the property?

You still may qualify as long as the first mortgage does not exceed 105 percent of the property value and the second lender agrees to subordinate to the new first mortgage. In other words, the second lender has to agree that in the case of a default, the first mortgage would be paid before the second one.

When does the program expire?

The Home Affordable Refinance program expires in June 2010.

What are my options if I'm told I don't qualify?

Borrowers who do not qualify should work with their lenders to discuss other loss-mitigation options. These may include loan modification programs outside the Home Affordable Refinance program, such as standard refinancing or local resources such as rescue grants and loans.

Homeowners who cannot keep their home may also explore options other than foreclosure, such as short sales and deeds-in-lieu of foreclosure.

Where can I go for more information?

Talk to your mortgage lender or servicer, or visit FinancialStability.gov, the government's official Web site for programs associated with the Making Home Affordable plan.

Home Affordable Modification

What does the program do for homeowners?

The Home Affordable Modification program lowers a borrower's monthly mortgage payment to as low as 31 percent of the borrower's gross (pre-tax) monthly income.

While lender participation mostly is voluntary, all financial institutions that receive government money from this point forward must participate.

Any institution that participates in the program must review every potentially eligible loan on which the borrower calls or writes to ask to be considered for the program.