sapan | Uncategorized | December 10th, 2010 | No Comments »
In end of august 2010, the Obama Administration declared a new Home Affordable Refinance Program. This is going to help those homeowners faced with a sudden reduction of income. If you suddenly lost your job, are underemployed with respect to income level, or have other problems, you may qualify for the new program.
In end of august 2010, the Obama Administration declared a new Home Affordable Refinance Program. This is going to help those homeowners faced with a sudden reduction of income. If you suddenly lost your job, are underemployed with respect to income level, or have other problems, you may qualify for the new program. As a result, many homeowners started using a free mortgage refinance calculator to check whether they could save significant amounts on their monthly mortgage payment. Many of the people who have recently suffered a loss of income often find they do not meet the criteria. If you find yourself in this situation, the new program launched by the Obama Administration may be of help to you. Loans Store offers professional help with the Obama Mortgage Refinance Program to get affordable repayment plans and terms that allow you the time you need to repay without pressure.
Making Home Affordable
In the month of February 2009, the Making Home Affordable Program put forward new incentives to encourage homeowners solve foreclosure or delinquency problems with their mortgages.
The Making Home Affordable programs for lenders, the Department of Housing and Urban Development (HUD), Fannie Mae and Freddie Mac, and mortgage originators gave incentives to help distressed homeowners with a lower monthly mortgage responsibility and save their homes. Whatever the requirements – refinance or loan modification, the reason of Home Affordable Refinance Rates is to enable homeowners to keep their homes in the course of hard economic times. Many homeowners have used a free mortgage calculator to find out their savings done by the Making Home Affordable programs.
The new Obama Home Refinance Program would be managed by the Federal Housing Administration (FHA) to help jobless homeowners to remain in their homes. The funds from the Treasury Department will be used by the Obama Administration to extend the reach of Making Home Affordable program to those who have experienced a job loss or other severe reduction in income.
The new program publicized does not simply provide mortgage refinance. As an alternative, it will be used to provide a declining balance, deferred payment bridge loan (zero percent interest, non-recourse, subordinate loan) for up to $50,000. These finances will be able to fulfill the requirements of qualifying borrowers with payments on their mortgage principal, interest, mortgage insurance, taxes, hazard insurance etc. for up to 24 months.
Who will qualify?
You can get all the information of the new homeowner help program being funded by the Department of the Treasury on the MakingHomeAffordable.gov website. The following criteria for eligibility have been mentioned:
- If the homeowner is at least three months late in their monthly payments, but have a reasonable chance of being able to start repayment of their mortgage payments and related housing expenses within two years.
- The home property is used as the current residence of the homeowner and they do not own a second home.
- The homeowner must have had a good payment record before the income-reducing event.