President Barack Obama took over US economy when it was going through a major slump. In his 2009 Stimulus Package he made an attempt to make the lives of the US people easier and saved their dream homes from being foreclosed. He has announced several grants, tax credits and loans for the needy citizens in United States. He has made an attempt to save your home through refinance and loan modification.Do you Qualify for President Obama’s Home Loan Refinancing Program? Let us have a look:· In case your loan or the mortgage is insured or owned by Fannie Mae & Freddie Mac you qualify for the refinance deal.· Your loan amount must be more than 105% of the current value of the home in order to apply for the mortgage refinance.· Now your rate of interest can be lessened. It would be 5.16% in place of 6.5%.· The mortgage monthly payments would now be limited to 31% of the gross monthly income of the borrower. Also the sum total of all credit payments taken together must not be higher than 55% of the pre tax income of the borrower.· When you apply for the loan modification & refinance even if you do not own 20% equity of the home. This rule is now written off.· The government has announced $ 1000 cash benefit for the banks & the mortgage companies per loan modification & refinance. So the banks are all willing to help you in your crisis.· You can also take professional help from the HUD appointed counselors. They act as your representative in the bank dealings and present your case in the best possible amidst the bankers. Above they do not charge for their work as they are paid by the Federal Government. You must seek for their guidance once.
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