obama refinance mortgage plan
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Obama’s Mortgage Refinance Plan

Now homeowners can refinance @4.5%

Homeowners who are struggling to make their mortgage payments or find that their mortgages now exceed their home values, now have some relief. President Obama's mortgage refinance stimulus plan makes an estimated 9 million homeowners (and growing all the time) eligible for a home mortgage refinance at a 4.5% fixed rate. Hundreds of dollars per month can easily be saved on mortgage payments.

Click Here to read more about Obama's 2% refinance Plan

Here are some of the requirements needed to fully take advantage of this "Home Affordability Plan" from Obama:

  • The amount remaining on the mortgage must be for less than $729,500
  • The home mortgage must have been closed on and finalized before January 1, 2009.
  • The homeowner must live in the home to be refinanced as a primary residence.
  • Personal income levels must be verified through the use of tax returns or pay stubs
  • A letter of "Financial Hardship" written and signed by the mortgage holder is needed. This can be a loss of income, job, high medical bills or other expenses leading to your financial hardship.
  • The homeowner must agree to get credit counseling if monthly debts, including the mortgage, exceed 55% of the homeowner’s gross monthly income.
For this Home Affordable Refinance Plan......... See If You Qualify

Here are some things that banks and mortgage lenders can now offer you

The bank or mortgage lender can lower your monthly mortgage payment to 31% of your gross monthly income.
Home interest rates can go as low as 2% in order to meet these guidelines set by President Obama.
Homeowners will not have to pay any fees for home loan modification. These will be paid by the Government as part of the mortgage bailout plan.
The bank or mortgage lender has the option of setting up a balloon payment at the mortgages end if the monthly payments were too low. Any balloon payments will have to be paid off in full should the homeowner want to sell or again refinance their property.
Incentive plans are in place, backed by the government, which will gradually reduce the homeowner’s principal over the course of 5 years, up to a maximum of $5,000, for making mortgage payments on time.
The mortgage interest rates are adjustable after a 5 year period. The low 2% and 4.5% mortgage interest rates are temporary fixes to help homeowners get out of their financial problems.
Only one mortgage modification can happen using this mortgage stimulus plan and there will be no renegotiating later.
Obama mortgage refinance loan

Homeowners don’t need to despair who are current and up to date on their mortgage payments and have a bank or mortgage lender who will not allow you to refinance or modify your mortgage due to the property values plummeting and the mortgage now being worth more than the home, for now there are plans from Obama’s mortgage refinancing stimulus plan which will allow homeowners a chance to refinance, regardless if they have been declined before.

Here are some of the refinancing options using the Obama stimulus plan:

  • The home must be the primary residence of the homeowner. This plan does not cover investment properties, or second homes.
  • Your income must be sufficient to pay the new mortgage amount.
  • You are not able to perform cash out refinance to pay down other debts using this stimulus plan.
  • Homeowners can lock in a fixed 4.5% mortgage rate for 15 or 30 years.
  • Even lower interest payments may be offered by the bank over the course of 5 years.
  • Homeowners can now refinance up to 105% of the value of their home.

Home Mortgage Refinance will save millions of homeowners hundreds of dollars every month. This mortgage stimulus plan from Obama will stabilize the housing market and curb the foreclosures happening everywhere. This will restore confidence in the market and home values will start to rise again. Refinancing the right way, especially using this Obama stimulus plan, will save homeowners hundreds per month, or more importantly, their home.

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