President Obama is asking Congress to take action on a plan that would cut red tape so that more responsible homeowners who are paying their mortgages each month can refinance at today's low interest rates and save hundreds of dollars each month.
Use this tool to find out if you would meet the basic eligibility for refinance under the President's plan, or learn about other options for refinancing that might already be available to you.
Get StartedWho insures your mortgage?
Fannie Mae or Freddie Mac Federal Housing Authority Department of Agriculture None of the above I'm not sureHave you made your mortgage payments on time for the last six months and had no more than one late payment in the 6 months prior?
YesNoYou'll likely qualify for refinancing if Congress acts.
If Congress passes President Obama's refinancing proposal, you may be eligible for two options:
- Refinance into a thirty year loan, reducing your monthly payments by hundreds of dollars.
- Refinance into a shorter-term loan, bringing your family back above water more quickly.
Banks will compete for your business and the process will be simpler for you, with less red tape, no more tax forms, and no more appraisals -- just a lower interest rate.
Read more...Because we can't wait for Congress to act, President Obama has already taken steps that may help homeowners like you now.
You'll likely qualify for refinancing if Congress acts.
Under the President's plan you may be eligible to refinance into a thirty year loan, reducing your monthly payments by hundreds of dollars a month. The process will be quick and easy, with no more red tape -- no more tax forms and no more appraisals -- just a lower interest rate.
Because we can't wait for Congress to act, President Obama has already taken steps that may be relevant to homeowners like you.
You would not qualify for refinancing.
You must be current on your mortgage to qualify for the President's proposal. If you are unable to bring your loan current, there are a number of alternatives that may better suit your situation. Check the links below to see if you qualify:
Contact your lender. You may be eligible for refinancing through the FHA through a streamlined process that requires fewer forms and less hassle. The Obama Administration recently cut fees for streamlined refinancing through the FHA in half, which went into effect June 11. So now is a good time to check:
Do you live in any of these states?
Alabama, Arizona, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Rhode Island, South Carolina or Tennessee.
YesNoContact your lender. You may be eligible for streamlined refinancing through the USDA. The Obama Administration recently launched a streamlined refinancing pilot in certain key states, giving access to low-cost, low-hassle refinancing to qualifying borrowers with loan insured by the USDA. So now is a good time to check.
Have you made your mortgage payments on time for the last six months and had no more than one late payment in the 6 months prior?
Yes NoIs your credit score above 580?
Don't know? To find out your credit score at no cost, go to www.ftc.gov/freereports
Yes NoYou'll likely qualify for refinancing if Congress acts.
If Congress passes President Obama's refinancing proposal, it will be easier for homeowners like you to refinance, even if you're underwater.
Banks will compete for your business and the process will be simpler for you, with less red tape, no more tax forms, and no more appraisals— just a lower interest rate, and lower payments each month.
Because we can't wait for Congress to act, President Obama has already taken steps that may help homeowners like you.
You may qualify for refinancing if Congress acts.
Work on improving your credit score. Then, if Congress passes President Obama's refinancing proposal, it will be easier for homeowners like you to refinance, even if you owe more on your home than it's worth.
Banks will compete for your business and the process will be simpler for you, with less red tape, no more tax forms, and no more appraisals— just a lower interest rate.
Because we can't wait for Congress to act, President Obama has already taken steps that may help homeowners like you now.
You may qualify for refinancing if Congress acts.
Get current on your mortgage payments. Then, if Congress passes President Obama's refinancing proposal, it will be easier for homeowners like you to refinance, even if you owe more on your home than it's worth.
Banks will compete for your business and the process will be simpler for you, with less red tape, no more tax forms, and no more appraisals -- just a lower interest rate.
Because we can't wait for Congress to act, President Obama has already taken steps that may help homeowners like you.
You would not be eligible for refinancing under President Obama's proposal.
Visit one of these sites to see whether you might qualify for help under a number of existing programs to help struggling homeowners.
You would not be eligible for refinancing under President Obama's proposal.
Visit one of these sites to see whether you might qualify for help under a number of existing programs to help struggling homeowners.
How to find out who insures your mortgage:
- Check with Fannie Mae
- Check with Freddie Mac
- Call your lender (the institution you make payments to) and ask.