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Refinance Assistance Program (RAP)

RAP is offered in response to regulatory changes allowing the use of set-aside programs for refinancing assistance. It helps homeowners refinancing their principal residence's mortgage using eligible targeted refinancing programs. Homeowners at or below 80% of area median income (AMI) may receive reasonable principal reduction and closing costs in order to improve their eligibility for mortgage financing. There is no match requirement, and FHLBI will provide up to $5,000 in grant assistance through members based on need. Members may or may not provide the refinancing loan. Prior to enrollment, the homeowner must complete housing counseling through a National Foreclosure Mitigation Counseling program or other program used by the eligible targeted refinancing program. RAP will expire July 30, 2010 unless the sunset date is extended by the FHFA.

Updates to the balance of funds for the Homeownership Set-aside Programs will be published weekly.

Guidelines  
> PDF  
> Forms  
> Grant Tools

See "Bulletins" for updated program notices, application and award info.

> Current Registered Members
> Available funds

Updated: February 23, 2010