Securing a Home Mortgage Refinance through Obama Plan

April 2, 2010 - PRLog -- The primary objective of the Obama mortgage modification program is to boost the sagging housing market and to make more homeowners eligible for a refinance home mortgage loan and thus, provide them with a chance to refinance their current home mortgages. With a view to making homes more affordable for distressed homeowners who have gone upside down on their current home mortgage payments, the Obama loan modification program seeks to lessen the requirements and restrictions imposed by home refinance fund creditors. Thus, the housing bailout package aims to alleviate the financial hardships of struggling borrowers by providing them an opportunity to refinance their existing home mortgages and prevent them from losing their houses besides saving a lot of money. The features of the Obama stimulus plan require many mortgage loan lenders and banks to participate in this time of realty crisis, to extend financial assistance to distressed homeowners. The larger part of the plan includes federal cash incentives to mortgage lenders and banks to cover their existing home loans.

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The guidelines of the Obama loan modification plan stipulate that monthly installments on a mortgage refinancing loan cannot exceed 31% of the gross monthly income of the borrower. To meet this statute, all the mortgage loan lenders and banks who are participating in the process are required to lower the refinance mortgage rates for a home refinance to as low as 2% in exchange for cash incentives that cover the costs that accrue from the low interest home refinance funding. Further, there are no processing costs or extra fees for the loan process. However to qualify for a modification loan under the Obama stimulus plan, the applicant must fulfill certain prerequisites for securing a home refinance loan.

A loan modification under the Obama plan is not a gift. To qualify for a home mortgage refinance solution under the plan, the loan modification seeker should be regular on existing home mortgages for the past one year. If you are late on making monthly payments for more than 30 days you are not eligible. Besides, the property which is to be mortgaged should be the primary residence of the applicant and the value of the current mortgages should not exceed an amount of $729,750. Additionally, your current home mortgage should have been secured prior to January 1st 2009. Over and above the applicant should submit an affidavit of financial hardships faced and the reasons associated therewith. You could meet the criteria for a 2% interest rate in case the price of the home has declined by 15% or more. On the contrary if your home mortgage is financed through Fannie Mae or Freddie Mac, you could automatically become eligible for a 2% home loan modification.

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Hence, considering the aforesaid parameters, it is always desirable to get the online help provided reputed service providers such as http://www.Refinanceitt.com since these could invariably aid you to understand the subtleties involved in President Obama’s home loan modification plan. By availing such services you too could secure a mortgage refinancing loan that could assist you to save your home from a possible foreclosure besides saving a lot of money on interests. Many people have benefited by the Obama plan and you too could be one of them.

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