Due to the recession, there has been a long period of unemployment, which has caused many families to live in fear of losing their homes. There are many other factors that can also lead to financial distress. Many Americans have been put in a situation where they can not make their mortgage payments.
One aspect of the new programs to help homeowners is to give people who are upside down on their loans. These people owe more then the house is worth and this makes a conventional refinance impossible! Starting April fits 2009 borrowers who are upside down will be able to refinance at the current low rates and be able to go up to 105% of their homes value!
The only guidelines for this program is that the loan you are refinancing has to be a Freddie Mac or Fannie Mae mortgage and you must also be current on the loan with no 30 day late payments. Your credit must also be at good to excellent levels and the debt to income ratios are the same as a normal mortgage,about 35-40%.
The Obama mortgage refinance plan is set up to make sure that mortgage payments will not exceed 38% of the homeowners income. Money is available to help reduce payments so that homeowners can also pay other bills and keep food on the table. These reductions can last for up to five years.
This mortgage stimulus plan from President Obama is a great chance to take advantage of interest rates and refinance or modify your current home loan. Homeowners will save hundreds just by asking a mortgage lender, or bank for a quick quote. Refinance right and save hundreds monthly.
One aspect of the new programs to help homeowners is to give people who are upside down on their loans. These people owe more then the house is worth and this makes a conventional refinance impossible! Starting April fits 2009 borrowers who are upside down will be able to refinance at the current low rates and be able to go up to 105% of their homes value!
The only guidelines for this program is that the loan you are refinancing has to be a Freddie Mac or Fannie Mae mortgage and you must also be current on the loan with no 30 day late payments. Your credit must also be at good to excellent levels and the debt to income ratios are the same as a normal mortgage,about 35-40%.
The Obama mortgage refinance plan is set up to make sure that mortgage payments will not exceed 38% of the homeowners income. Money is available to help reduce payments so that homeowners can also pay other bills and keep food on the table. These reductions can last for up to five years.
This mortgage stimulus plan from President Obama is a great chance to take advantage of interest rates and refinance or modify your current home loan. Homeowners will save hundreds just by asking a mortgage lender, or bank for a quick quote. Refinance right and save hundreds monthly.
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