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How Will Obama's New 2009 Stimulus Package Affect Your Mortgage?
- by Bryan Hendersen
The plummeting home values and concurrent rising unemployment has put a tremendous strain on the everyday homeowner resulting in rising foreclosure and bankruptcies rate. To address this growing problem, President Obama is once again assisting homeowners in controlling the affordability of their mortgages through a Stimulus Package.
His plan involves the use of grants, loans and tax credits that you can apply for through your lender. By searching online for terms such as affordability or loan modification, you can read more about Obama's homeowner rescue plan.
The key component of the Stimulus Package is to have loan modifications that adjust homeowner's monthly mortgage payments to match their gross income. This will allow many households to begin spending once again on goods and services. This spending is critical for a successful economic recovery.
Here are the key features of the Stimulus Package:
- In the past, if your home equity was under 20% you could not apply for a loan modification. Under the new Package, these homeowners will qualify for loan modification. Loans with Freddie Mac or Fannie Mae are eligible for loan modification.
- The new monthly mortgage payments will not exceed 31% of your gross monthly income.
- If you currently have an adjustable rate mortgage, you can modify your loan to be a fixed rate mortgage. With the steady drop in interest rates from 6.5% to 5.16%, this can add significant monthly savings for the homeowner.
- Finally, the mortgage terms can be extended by 20-30 years further reducing your monthly payments through a reduction in your mortgage rate.
About the Author
For tips and facts about how you can benefit from Obama's Home Stimulus Plan - or to find out if you qualify, visit our no nonsense home stimulus guide: http://ObamasStimulusPackage.net
