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“Making Home Affordable” Program

March 05, 2009 | Alliant Credit Union

The U.S. Treasury announced on March 4, 2009, the "Making Home Affordable" program, a plan to help homeowners refinance or modify their mortgages. Following are the parameters of the program:

  • The Refinance option is intended for homeowners who pay their mortgage on time but are not able to refinance due to a decrease in their home value and whose loans are held or guaranteed by Fannie Mae or Freddie Mac.
  • The Modification option is for homeowners who are struggling to make their monthly mortgage payments.

The good news for Alliant members is our existing mortgage refinance and modification programs are more generous and flexible than the U.S. Treasury's programs.

Alliant has and will continue to offer home loan products with member-friendly terms that not only enable our members to buy a home, but also afford to stay in their home. Please contact the Alliant Mortgage Department at 773-462-8620 or via e-mail at homeaffordableprogram@alliantcreditunion.com with any questions you may have regarding mortgage or home equity loans, or refinancing or modifying those loans. A representative from the Alliant Mortgage Department will respond to your inquiry within one business day.

Here are some questions and answers about the U. S. Treasury's "Making Home Affordable" program and Alliant's refinancing and modification options.

 

Am I Eligible for the U. S. Treasury's Making Home Affordable Refinance program if I have an Alliant mortgage?

No, only mortgage loans sold by lenders to or guaranteed by Fannie Mae or Freddie Mac are eligible under the plan. Alliant is a "portfolio" lender, meaning we don't sell our mortgage loans to investors. Alliant keeps and services the loans we make which provides us greater flexibility to approve more loans for more members. However, all Alliant members are eligible to be considered for refinancing, even if their mortgage is with another lender. Plus, Alliant offers refinancing terms which are more generous than the U. S. Treasury program, for instance the program caps refinancing of loans with a Loan to Value percentage of 105%. Alliant will refinance our mortgage loans up to 115% Loan to Value.

 

Can I participate in the U. S. Treasury's Making Home Affordable Modification program if I have an Alliant mortgage?

So that Alliant can continue to offer members more customized solutions and more flexible terms than the standardized government program, we do not participate in the U.S. Treasury's modification program at this time. (Financial institutions that participate in this program are required to utilize the prescribed terms for any and all modification they perform.) In addition, since we have not needed, nor accepted, support from the U. S. Government through the Troubled Assets Relief Program (TARP), we are not required to participate. We will continue to monitor this dynamic situation and if the program requirements or benefits to Alliant and our members change, we will re-evaluate our participation.

 

Who and how can I contact Alliant to discuss my personal home loan needs?

Please contact the Alliant Mortgage Department at 773-462-8620 or via e-mail at homeaffordableprogram@alliantcreditunion.com with any questions you may have regarding mortgage or home equity loans, or refinancing or modifying those loans. A representative from the Alliant Mortgage Department will respond to your inquiry within one business day.

 


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