Federal mortgage Refinance Program

If you're a homeowner and owe more than your home is worth, this product gives you the opportunity to refinance into a lower rate and shorter terms so you can pay down your balance faster and possibly lower your monthly payment. It's now easier to qualify because the maximum loan-to-value (LTV) limit for fixed-rate mortgages has been removed. Plus, certain fees for borrowers who refinance into shorter-term mortgages have been eliminated, and fees for other borrowers have been lowered. This product is separate from the Federal Housing Finance Agency’s HARP program.

You may be eligible for refinancing under Navy Federal’s Home Affordable Refinance Product if:

1. you have not previously refinanced your first mortgage loan under HAR.
2. your first mortgage loan on the home is with Navy Federal.
3. you owe more than the value of your home.
4. your first mortgage loan is current with no late payments in the last six months, and no more than one late payment (30 days) in the last 12 months.
   Borrowers who are currently delinquent on their mortgage will not qualify for a refinance. However, they may be eligible for a .

Home Affordable Modification Program

The Making Home Affordable Program is part of President Obama's comprehensive strategy to get the housing market back on track. Through this program, families may be eligible to modify their mortgage loans.

This program is run by the U.S. Department of the Treasury and is designed to help homeowners avoid foreclosure. You do not need to be behind on your Navy Federal mortgage to be eligible for this program, but you must go through a screening process to determine if you have a significant financial hardship to qualify.

The borrower must have one of the following hardships to qualify for this program:

• reduction or loss of income
• change in household financial circumstances
• increase in expenses and excessive monthly debt payments
• material change in circumstances

Navy Federal must ask information about the items listed below. Each of these elements must be verified through documentation.

• monthly gross income of your household, including recent pay stubs or documentation of income
• your most recent income tax return
• information about any equity loan (also known as a second mortgage) on your home
• payments on each of your credit cards
• payments on any other loans
• other monthly obligations

The Home Affordable Modification Program is available through December 31, 2016.

If approved, you can finance up to $5, 000 of your closing costs.

The refinance rate will be based on the market rates in effect at the time of the refinance along with any associated points and fees. Our interest rates vary over time as market rates adjust. Refinanced loans will have no prepayment penalties. You cannot get cash out to pay other debts.

The value of your property will be determined by an appraisal after you apply to refinance. You will be required to pay for the appraisal.