Livonia, MI (PRLEAK ) September 26, 2009 � With the introduction of the Making Home Affordable Program by the Obama administration to stabilize the housing market, one of the largest online retail mortgage lenders, Quicken Loans, has launched a new online tool to help homeowners determine their eligibility for the new housing program
The Making Home Affordable program is based on two factors. One is for homeowners that are unable to avail of refinance options due to pending mortgages that is worth more than their homes. The program aims at helping owners with refinance options with current loan-to-value ratios between 80 and 125 percent. 
The second part of the program aims at homeowners facing the danger of foreclosure due to non-payment of mortgage installments. The government is lending its support to those who are able to prove their financial limitations due to reduction in income, job loss, or other problems that are debt related. Homeowners that cannot cope with an adjusting interest rate are also considered in the program.
Homeowners who are not sure of their eligibility for the program and advised to use Quicken Loans online loan modification tool to help determine the right program for them. The tool includes an equity calculator to calculate loan-to-value ratio and helps homeowners determine whether loan modification or refinance would suit them. 
An added bonus is a Making Home Affordable video released by Quicken Loans to help homeowners understand the program better. Details on eligibility and the Refinance Plus programs are included in the video. Homeowners are advised to take advantage of this opportunity and rid themselves of financial stress and the danger of foreclosure.An added bonus is a Making Home Affordable video released by Quicken Loans to help homeowners understand the program better. Details on eligibility and the Refinance Plus programs are included in the video. Homeowners are advised to take advantage of this opportunity and rid themselves of financial stress and the danger of foreclosure.

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