For help and advice on mortgage refinancing, loan modifications and loans visit Mortgage Refinance You need to understand the qualifying criteria for the different aspects on offer so that you know if you are eligible and how you can benefit. Home Loan Mortgage Refinance provides detailed information on the stimulus package and what it offers.
The US government under Obama's leadership have produced a stimulus package for mortgage refinancing programs designed to assist people who are facing foreclosure on their homes. The loan modifications incentive is primarily geared towards people who are struggling with mortgages on their homes and is not really intended to help out people who have houses sitting empty, even so it is estimated that the program could help as many as 9 million homeowners.
There are 2 options available, providing the criteria for qualifying for the packages are met.
Mortgage Refinancing
This is where an existing mortgage that is owned or guaranteed by one of the two large lending agencies Fannie Mae (Federal National Mortgage Association or Freddie Mac (Federal Home Mortgage Corporation)can be refinanced to take advantage of lower rates of interest. The qualifying criteria: -
* The loan is not more than 105% of the house valuation
* You are up to date with your repayments
* Your circumstances have not changed to the extent you will not be able to afford the lower payments e.g. you still have an income that is enough to meet the payments
Loan Modifications
This is where you change the terms of your current loan (mortgage) through your existing mortgage company providing that they are participating in the program and that you meet the qualifying criteria: -
* Your total payment that includes interest, taxes and insurance is more than 31% of your gross income.
* The mortgage must be on your principal family home where you are currently living
* Your mortgage balance is not greater than $729,750
* You got your mortgage before the beginning of 2009 i.e. not on or after the 1st January 2009.
* You will also be required to make the modified payments over a trial period of 3 months to prove you can finance the new deal
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