The Obama housing plan is designed
The goal of the Stimulus package that Obama has recently announced and is often referred to as the Obama refinance plan or Obama housing plan, is to help homeowners make a more affordable payment and thus avoid losing their homes in foreclosure. The stimulus package as offered in the government refinance plan offers the chance for these homeowners to modify their loans and refinance their mortgage.
Below are a few points how Obama’s package may help you:
If your loans are insured or owned by Fannie Mae and Freddie Mac, then you are definitely eligible to do a refinance or get a government refinance plan. You may even qualify for a FHA streamline refinance.
You can also apply for the Obama refinance plan if your mortgage amount is more than 105% of the current market value of your home.
If you need any professional help from experienced financial counselors, you can get it for free. All you do is contact the US Federal Housing &Urban Development who will then guide you with the best financial resorts available, draft your case and act as your representative to deal with your lender. All this will be completely free of charge.
Because of the Obama housing plan, banks have announced refinance and loan modification programs which you can research online to find this kind of deals.
Your mortgage monthly payment can now be limited to 31% of your income.