Freddie Mac's Relief Refinance mortgage program in North Carolina and South Carolina

Obama Administration's "Making Home Affordable" program is here!

________________________________________________________

Fannie Mae, today began making two new initiatives -- Home Affordable Refinance and Home Affordable Modification -- available to its servicers and borrowers as part of the Obama Administration's Making Home Affordable program. The two initiatives are designed to significantly expand the numbers of borrowers who can refinance or modify their mortgages to a payment that is affordable now and into the future.

"Making Home Affordable" provides crucial tools to mortgage lenders and homeowners coping with financial hardship and declining home prices," said Herb Allison, president and chief executive officer. "Potentially millions of homeowners could qualify for and benefit from these initiatives. The people of Fannie Mae will do all they can to make the program a success for homeowners across America and to advance the nation's housing recovery."

Home Affordable Refinance includes new refinancing flexibilities for homeowners whose loans are owned by Fannie Mae and Freddie Mac. Key features include:

105% LTV for homes that have lost their value.
No minimum fico score.
Mortgage history ok if borrower is only 0 x 60 days late on their mortgage payment.
Primary homes, Second Homes and Investment Homes.
May include closing costs into new mortgage.
No reserves required.
Can be one (1) day off the market.

What Borrowers Need to Know:

To qualify, your mortgage loan must be owned by Fannie Mae or Freddie Mac.
Your loan must not have PMI now.
The expanded refinance flexibility ends in June 2010.

Home Affordable Modification

Through the Home Affordable Modification, Fannie Mae will work with loan servicers across the country to help distressed borrowers modify their current loan into a mortgage that is more affordable and sustainable. Loan servicers participating in the program may reduce interest rates, lengthen the payment time frame or take other steps, such as principal forbearance, to bring the monthly payments down to as low as 31 percent of the borrower's gross (pre-tax) income.

What Borrowers Need to Know:

Property types: Primary Homes, Second Homes and Investment Homes.
You need not wait to become delinquent with your payments -- a plan can be put in place as soon as you think you may have trouble making your mortgage payment.
The amount you owe on your mortgage must be less than or equal to $729,750.
The program is for mortgages originated prior to January 1, 2009.
Certain eligibility requirements, including attesting to a financial hardship, may apply in some cases.

To ensure borrowers currently at risk of a foreclosure have the opportunity to apply for a Home Affordable Modification, Fannie Mae servicers have been directed not to proceed with a foreclosure until a borrower has been evaluated for the program.

Finding Out if a Loan is Owned by Fannie Mae

Borrowers can find out if their loan is owned by Fannie Mae in one of two ways:

Call your current mortgage lender or servicer. The phone number should be on your monthly mortgage statement or monthly coupon book.

Contact Fannie Mae. Call 1-800-7FANNIE (8 a.m. - 8 p.m. EST) or visit http://www.fanniemae.com/homeaffordable.