The Obama administration launched the "Making Home Affordable" initiative today. It is a $75 billion loan modification program, which will be in effect for the next three years.
Owner occupied homes with values of up to $729,750 are eligible and can get interest rates as low as 2% and the term extended to as long as 40 years.
The new features are designed to reduce the level of foreclosures and help stabilize the existing housing stock.
Borrowers must provide two recent pay stubs, their past year tax return and an "affidavit of financial hardship" to qualify.
The program is aimed at helping up to 9 million Americans remain in their homes.
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