The federal government has allocated money for government loan modifications and refinances. You know that the money is there, but how do you get access to and find out if you qualify for this money? It is actually quite simple. You go the government website and answer their list of eligibility questions. The list is very short and it should not take you longer than a few minutes to answer and submit. The response on your eligibility is instant.

Here are the questions you will have to answer before you will be qualified:

• Is your home your primary residence?
• Is the pay off amount on your $729,750 or less?
• Are you having problems making your mortgage payments? This question pertains to a significant increase in your mortgage payments or reduction in income or a major hardship, such as; medical bills.
• Did you get your current mortgage prior to January 1, 2009?
• Is your mortgage payment more than 31% of your current gross income?

You also have the option to refinance your current mortgage to a lower interest rate if your loan is held by Fannie Mae or Freddie Mac. The eligibility questions for this option are as follows:

• Do you own a 1-4 unit home?
• Is your loan guaranteed by Fannie Mae or Freddie Mac?
• Are your mortgage payments current? This means less than 30 days late in the last 12 months.
• Do you owe more on your first mortgage than your home is worth?

There you have it. The site is very user friendly. If you don’t know if you a Freddie Mac or Fannie Mae backed loan, there is an easy link that requires you to enter your address to find out if they have your loan.

If you are wondering if you qualify for a federal loan modification or refinance, it costs nothing to find out and it could save you money as well as your home.