Tuesday, April 28, 2009

Obama Home Loans - Is Obama's Stimulus Plan Helping Homeowners on Their Mortgage?

President Barack Obama has announced his 2009 Stimulus Package with the focus on save the home owners and affordability. It has helped several people in United States to save their home from being foreclosed. Obama home loans have come in the form of tax rebates, loans and tax credits.

How Obama's Stimulus Plan is helping Homeowners on their Mortgage

Here are the details which tells you how obama stimulus plan is helping homeowners on their mortgage

· The grants & tax credits are especially available for the ones who are buying their first home & car.

· The home owners can now apply for loan modification in case your mortgage amount exceeds 105% of the current value of the house.

· The loans owned or insured by Fannie Mae & Freddie Mac are eligible for the loan modifications.

· After the modification the new rate of interest would reduce from 6% to 5%.

· The mortgage monthly payments would now be restricted to 31% of the gross monthly income. Also the sum total of all the credit payments like credit cards, homes, cars, etc. can not exceed 55% of the pre tax income. This would make the home affordable in the long run.

· There are several personal loans and grants available that would help you meet your mortgage & debt payments.

· Grants are also available for the day to day purposes like food & clothing, renovating your home, grants for the parents of the college going students, etc.

· The new Stimulus Package would also help you save your expenses made on the private counselors. The counselors appointed by the US Federal Housing & Urban Development Department (HUD) would help you present your case in front of the lender and negotiate the best possible deal free of cost.

· The new mortgage deals are being made on lower rate of interest that too at a fixed rate of interest. The economy being at its all time low, this is another long term benefit for the home owner.


Anonymous said...

I know the plan sounds great but it is not working. I have a Buyer pre-approved to purchase a home that he wants to live in. The Bank owned homes are only looking at cash offers. So the only people who are purchasing homes are the Investors that got us into this mess to begin with. They are depreciating the neighborhoods even more. We gave the big banks money to loan to families not investors. It's not working. I've written 10 offers for my buyer just to get kicked in the teeth by the banks.

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