WATERLOO (KWWL) -- The government has a new program it claims will help 7-9 million Americans either refinance or modify their home loan.
On Thursday, MakingHomeAffordable.gov launched, with the purpose of educating home owners about eligibility.
Visitors can answer 4-5 questions, based on whether they want to refinance or modify a loan, and the site will identify whether they are eligible for assistance under the new program. Refinancing is available to those who are making their payments but are unable to refinance to a lower interest because the value of their home has decreased. Modification is available to those who are unable to make their mortgage payments and meet the criteria.
If you can answer yes to all of the questions, the site provides of checklist of information and documents you will need when you talk to your lender.
Only loans owned or guaranteed by Fannie Mae and Freddie Mac are eligible for the program.
Although the site is live, many banks are still working to implement the program and may not be accepting applications yet.
Online Reporter: Jenn Jarvis