What Is the "Making Home Affordable" Program?

The Making Home Affordable program is a federal government initiative to help homeowners avoid foreclosure by refinancing their loans at lower interest rates, potentially resulting in lower mortgage payments. The government offers different programs based on whether homeowners are current on their existing mortgages, according to Fannie Mae.

The Home Affordable Refinance Program is aimed at homeowners who are current on their mortgagec but who can't take advantage of conventional refinancing options because their house value has decreased, notes MakingHomeAffordable.gov. The Home Affordable Modification Program targets homeowners whose mortgages are in default and those who are in imminent danger of foreclosure, Fannie Mae explains.