President Obama has signed a stimulus bill to revive the United States housing market and reduce the rising rate of foreclosures. 75 billion dollars has been allocated to the Home Refinance Stimulus Package. There are different options available under these plans that are suited to meet different types of needs. Millions of homeowners will get much-needed relief.
For those who are struggling, but haven't been more than 60 days late on their house payment in the last 12 months, refinancing is a probable option. You may have attempted to refinance before, but did not have the necessary 20% equity due to the decreased market value of the home. With this plan, you can owe up to 105% of the total market value of the home. There are 15 and 30 year terms at current market rates and regular closing cost expenses apply.
Loan modification Is an option for those who are in a more serious financial state. Under the Home Refinance Stimulus Package, $1,000 dollar incentives are offered to lenders to encourage them to rewrite existing mortgages to lower house payments and help avoid a foreclosure. The following qualification guidelines apply:
� The home must be a primary residence.
� The original loan must have been dated on or before January 1, 2009.
� The amount of the loan cannot be more than $729,750.
� Your current mortgage payment must exceed 31% of your gross monthly income.
� You need to be in a state of financial hardship due to circumstances beyond your control.
� You must also be able to prove through a budget statement that you can meet the modified monthly payment.
The Home Refinance Stimulus Package has a variety of options for struggling homeowners.
To get help right away,
click here for more information about the
home stimulus package
