Details of President Obama mortgage plan have been rolled out and it is estimated to help 1 out of every 9 homeowners obtain a mortgage refinance to avoid foreclosure and stay in their home, even if they owe more than the current value of their home. Out of the total $787 billion dollar economic stimulus plan, Obama has earmarked $75 billion to alleviate housing and mortgage problems.
To take advantage of President Obama mortgage plan for yourself, you must meet these guidelines and eligibility requirements: Homeowners who are facing financial hardships, and can prove them with documents, can apply for, and most likely be approved for a home loan modification. This will be into a much more affordable monthly payment, depending on your financial hardships and how much those cost you.
The government will provide incentives and other subsidies to lenders for completing a mortgage refinance with homeowners who are at risk of foreclosure. Borrowers will be required to detail their financial hardships in signed affidavits. The lenders will use a combination of lowering interest rates to as little as 2%, extending the length of the mortgage, and/or forbearance, to decrease the monthly mortgage payment to 31% of a borrower's gross monthly income. These mortgage refinances will apply only to first lien mortgages with principal amounts under $729,000 for a single family home.
Home loans backed by either Freddie Mac or Fannie Mae are automatically eligible to be modified into a monthly payment which will not exceed 31% of the homeowners gross monthly income. This will help a lot of people who currently spend 50% or more of their income towards their mortgage payments. This is a great way for millions of homeowners across the country to get back on track with their finances, save money every month, or most importantly save their home from foreclosure.
Obama's housing affordability plan also takes into account the millions of homeowners who have seen the equity in their homes fall as their home value decreases, in some cases to less that what they owe on their mortgage. Mortgages held by Fannie Mae and Freddie Mac will be eligible for a mortgage refinance with the principal amount not to exceed 105% of the current value of the home. Obama's housing affordability plan is a stimulus many need. It will keep millions of homeowners out of foreclosure and in their homes. It will also help put hundreds of dollars in savings into their pockets every month.
To take advantage of President Obama mortgage plan for yourself, you must meet these guidelines and eligibility requirements: Homeowners who are facing financial hardships, and can prove them with documents, can apply for, and most likely be approved for a home loan modification. This will be into a much more affordable monthly payment, depending on your financial hardships and how much those cost you.
The government will provide incentives and other subsidies to lenders for completing a mortgage refinance with homeowners who are at risk of foreclosure. Borrowers will be required to detail their financial hardships in signed affidavits. The lenders will use a combination of lowering interest rates to as little as 2%, extending the length of the mortgage, and/or forbearance, to decrease the monthly mortgage payment to 31% of a borrower's gross monthly income. These mortgage refinances will apply only to first lien mortgages with principal amounts under $729,000 for a single family home.
Home loans backed by either Freddie Mac or Fannie Mae are automatically eligible to be modified into a monthly payment which will not exceed 31% of the homeowners gross monthly income. This will help a lot of people who currently spend 50% or more of their income towards their mortgage payments. This is a great way for millions of homeowners across the country to get back on track with their finances, save money every month, or most importantly save their home from foreclosure.
Obama's housing affordability plan also takes into account the millions of homeowners who have seen the equity in their homes fall as their home value decreases, in some cases to less that what they owe on their mortgage. Mortgages held by Fannie Mae and Freddie Mac will be eligible for a mortgage refinance with the principal amount not to exceed 105% of the current value of the home. Obama's housing affordability plan is a stimulus many need. It will keep millions of homeowners out of foreclosure and in their homes. It will also help put hundreds of dollars in savings into their pockets every month.
0 komentar:
Posting Komentar