President Barack Obamas “Home Affordability Plan” mortgage refinancing plan will make monthly home loan payments much more manageable for over 6 million homeowners. Homeowners now have the chance to refinance or modify their loans and save hundreds of dollars monthly.
Here, I have included some main points of Obamas stimulus refinance plan.
-Loans owned or insured by lending giants Freddie Mac or Fannie Mae are eligible for home mortgage refinancing or loan modification.
-If your mortgage exceeds the value of your home by 5% or more, you can apply for a mortgage refinance.
-Professional help is available from the experienced counselors for free. You must contact local HUD (US Federal Housing & Urban Development) counselors. These counselors will guide and show you the best plans of attack for you and your financial situation, draft your case and will act as a representative for you while dealing with the lender or bank.
-Many banks have announced revised refinance & loan modification options for your taking using the stimulus package. Do some research using the internet and look for for such deals.
-Now the maximum limit your monthly mortgage payments can be is31% of the gross amount of your current income.
-The new program features a variety of government sponsored options for you. These vary case by case and you should ask your lender or bank.
-Most homeowners will receive a 20 or 30 year loan regardless of the length of time remaining on their current loan.
-The Federal Reserve would like to set interest rates at a 4.5% fixed rate for all current homeowners and new home buyers.
-Mortgage lenders and banks will get incentives from the government – $ 1000 per home mortgage modification or refinance. This will help to stop foreclosures and improve millions of homeowners monthly finances.
President Obamas mortgage stimulus program will save hundreds of dollars per month for millions of homeowners every month. This is a great chance to take advantage and lower your monthly mortgage payments every month. Refinance the right way and save a lot of money every single month.