The US home owners are dealing with a lot of stress due refinancing mortgage the foreclosures and bankruptcies. Now the 2009 Stimulus Package introduced by President Obama aims at stopping these foreclosures and bankruptcies. They have used refinancing and loan modification as the major tools. In order to make the plan work many attempts have been made to strike an 'Home Affordable Refinancing' for the house owners.
Here are some points that would explain how the Obama Package would help in refinancing the homes with affordability:
refinancing mortgage house owners can apply for this package irrespective of their equity holding. The earlier rule that called for a mandatory 20% equity holding is now written off. Also they are eligible for loan modification in both the cases whether they have made all the payments or missed some of them. Here are eligibility conditions for applying for one:
- Your loan deed must be insured or owned by Freddie Mac and Fannie Mae.
- Your loan value must be greater than the current market value of the house over 105%. If you meet both these conditions you are eligible to apply for the home affordable refinancing.
Earlier the refinancing or loan modification deal became expensive owing to the middle men. Now the homes would become affordable through refinancing as you can contact the banks directly. In case you need some professional guidance you may contact the HUD (US Federal Housing & Urban Development Department) counselors for help. They do no charge you for their services as they are directly paid by the US Government. The best way to contact the banks and mortgage companies is their official website.
Obama's refinancing deals for homes are affordable as the monthly loan payments are restricted to 31% of the gross monthly income of the owner.
The Federal Government has reduced the rates of interest from 6.5% to 5.16%.
There are various grants available like the personal loan that would help you get some disposable income for yourself or to clear up your debts.
The homes after refinancing would become affordable surely owing to the help of the US home owners.
To know more about Home Affordable Refinancing Programs and to check if you qualify
Click Here --> Loan Modification Help
President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure.
To know more about Latest Loan Modification Programs and to check if you qualify for Government Grants
Click Here --> Federal Grant For Homeowners
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