The 2009 Stimulus Package is meant to make the homes more affordable for the home owners. It stresses refinancing mortgage refinancing & loan modification to avoid the foreclosures.
Here are some pointers of the Obama Stimulus Package that would help you refinance your mortgage:
The loans that are owned and / or insured by Fannie Mae & Freddie Mac are certainly eligible for refinance as well as loan modification.
In case your mortgage amount exceeds 105% of the current market value of the home, you can apply for the refinance.
You can get professional help from the experienced counselors with out any charges. For that you must contact the HUD (US Federal Housing & Urban Development) counselors. These counselors would guide you the best financial resorts, draft your case and would act as your representative while dealing with the lender.
Under the Stimulus Package, many banks have announced new refinance & loan modification programs for your help. You must research on the internet and locate for such deals.
You can now limit your monthly mortgage payments up to 31% of the gross amount of your current income.
The new program features several loans, tax credits, grants, etc. for your help. You must look up to those in case you require any financial aid in the process.
Now there is a great stress being given that all new deeds of homes must be made for long term that is 20 to 30 years.
Also the rate of interest is lowered down from 6.5% to 5.16%. The economy being at its all time low, it would be wise to strike a deal at a fixed rate of interest for a long term.
The banks & mortgage institutions would get incentive - $ 1000 per loan modification or refinance. The idea is to promote these and stop foreclosures as far as possible.
To know more about Refinance Programs and to check if you qualify for the same
Click Here --> Federal Mortgage Refinance Help
President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale mortgage refinancing 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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