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Obama’s Home Stimulus Package – Mortgage Refinance and Loan Modification Lower Payments

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The government stimulus package for struggling homeowners is called Making Home Affordable. It has two basic options for homeowners trying to find a way to keep their home. Obama’s stimulus programs were designed to give borrowers assistance with options to lower their monthly mortgage payment and help them to avoid losing their home to foreclosure. One option is a mortgage refinance plan called HARP and the other is a mortgage loan modification called HAMP. Here is some basic guidelines for these two programs to help you decide which one may be right for your particular circumstance.Obama’s Stimulus Home Refinance Plan
Eligible borrowers must live in their home as their main residence
The loan must be owned by either Freddie Mac or Fannie Mae
The payments cannot be delinquent
Allows for up to 125% loan to value for underwater homeowners
Offers prevailing low interest ratesThis plan is really designed to proactively help those homeowners who are at risk of default, but who have not yet become late on their mortgage payments. Those borrowers who have an adjustable rate mortgage may want to refinance into this fixed rate plan and avoid payment shock when their interest rate adjusts. The plan also allows for homeowners who owe up to 25% more than their home is worth to qualify, and this is designed to address the loss of equity that many borrowers have experienced. This is a full doc program, so borrowers must be able to prove their income and meet standard loan approval requirements.Obama’s Stimulus Loan Modification PlanAnother option is the federal government’s loan mod program, called HAMP – Home Affordable Modification Plan. Under this plan, eligible homeowners will be offered new mortgage terms that provide a low, affordable monthly payment. The goal is to change the current loan terms to provide a long term solution for the borrower and encourage lenders to participate by paying them for each completed loan workout under the plan.The qualifications for this plan are standard and set by the Treasury Department, so only those borrowers who fit into the guidelines will be accepted. Homeowners are required to submit an application that includes a detailed accounting of their monthly gross income, monthly expenses and an Affidavit of Hardship. This information will then be carefully reviewed and a determination will be made if the borrower qualifies for the HAMP option. Once approved, the homeowner will be give three trial payments, and after successful completion of the temporary loan modification, the new terms will be made permanent.Which program is right for you? If you are already delinquent on your mortgage payments then the refinance program will not be an option for you. Likewise, if you owe more than 25% over your home’s current market value, you may not be eligible for the stimulus refinance plan. You can contact your lender and inquire about the refinance plan, and they should be able to tell you.The loan modification plan is a more common option for struggling borrowers, however it can be tricky to qualify for. Remember that you must prove on your application that you meet the standard guidelines or you will not be approved. It is critical to understand how to prepare your financial statement correctly so that when your lender reviews your figures, they will see in black and white that you are a good candidate. You may want to use the best selling loan mod software program that has helped thousands to prepare their application. Then you can confident that your income, debts and other important qualifying information is acceptable.

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