Obama"s Home Stimulus Plan - A Government Bail-Out For Plain Working Folks
Are you perplexed and a little put-off by the government bail-outs for big corporations that have squandered their resources on big bonuses and corporate jets? Obama's Home Stimulus Plan contains 75 billion dollars in stimulus money to help homeowners in mortgage trouble.
Finally, here is a bail-out plan for plain, working folks! These federal programs apply only to mortgage loans on primary dwellings that are held or backed by Fannie Mae and Freddie Mac.
The lenders must also be on a list approved by the Treasury Department.
There are two different types of help available under Obama's Home Stimulus Plan and each one has a different set of application guidelines: ·Refinance: This option helps homeowners who previously could not refinance an unreasonable and unsuitable mortgage.
Economic conditions had created a situation where they actually owed more than the current market value of the home.
This option provides refinancing for folks who owe no more than 105% of the value and have not been more than 30 days late on a payment in the last year.
· Home Loan Modification: This option is a totally reworked loan for homeowners who are falling behind in their payments due to financial hardship beyond their control.
These loans have to have a current payment that is more than 31% of the borrower's gross monthly income, have been originally written prior to January 1, 2009, and not have a loan amount over $729,750.
There are other application guidelines imposed by the government and the individual lenders, of course, but this provides an overview.
Finally, here is a bail-out plan for plain, working folks! These federal programs apply only to mortgage loans on primary dwellings that are held or backed by Fannie Mae and Freddie Mac.
The lenders must also be on a list approved by the Treasury Department.
There are two different types of help available under Obama's Home Stimulus Plan and each one has a different set of application guidelines: ·Refinance: This option helps homeowners who previously could not refinance an unreasonable and unsuitable mortgage.
Economic conditions had created a situation where they actually owed more than the current market value of the home.
This option provides refinancing for folks who owe no more than 105% of the value and have not been more than 30 days late on a payment in the last year.
· Home Loan Modification: This option is a totally reworked loan for homeowners who are falling behind in their payments due to financial hardship beyond their control.
These loans have to have a current payment that is more than 31% of the borrower's gross monthly income, have been originally written prior to January 1, 2009, and not have a loan amount over $729,750.
There are other application guidelines imposed by the government and the individual lenders, of course, but this provides an overview.
