Are you behind in your Bank of America home mortgage? You may already know about the Bank of America Loan Modification program through Obama's Home Affordable Plan. If you have applied, you are probably at some stage of waiting for the process to proceed. You may still be waiting to get through the phone lines! President Obama wants you to be assisted as soon as possible.
You may be wondering what benefits you might qualify for in the Home Stimulus Package that President Obama signed. There are three main programs within this stimulus bill, and one of them may fit your needs.
Are you looking for a home? Have you purchased a home in 2009? If this home was the first home you have owned in three years, you may qualify for the First Time Buyers Stimulus. This program is in the form of a tax credit. You don't have to apply anywhere, but you just take the refundable tax credit on your income tax return. You must meet all the criteria of the program, and you can deduct up to $8000, or 10% of the purchase price of the home.
Are you current with your mortgage, but you would like to refinance? Maybe you have lost equity in your home due to dropping home prices. Most conventional lenders require 20% equity to refinance. Obama's Refinance Plan allows qualified homeowners to refinance even though they owe up to 105% of the value of the home. With this plan, you retain your equity in your home and acquire a lower interest rate.
If you are in default on your home mortgage, you may qualify for a loan modification. This program actually encourages banks to rework your loan and help you avoid foreclosure. The new, modified loan has a lower monthly house payment that helps you be able to fulfill your mortgage obligation. The qualifications on this program involve proving financial hardship that caused the mortgage problems and also proving that you can sustain the new payment in the future.
If you think you might qualify for one of these programs available in the Home Stimulus Package, you should look into the application guidelines. Each program has its own set of specific requirements and deadlines.
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