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The Federal Mortgage Assistance Programs
Posted on April 15th, 2009 More Than 14 DaysThe Obama administration’s housing plan make reasonable grounds for over 9 million homeowners initiating furtherance of mortgages of two types: refinancing (Special Refinancing Program) and loan modification (Loan-modification Program).
For the Special Refinancing Program, homeowners can now benefit from refinance of their mortgage based on current low rates and save considerable amount of money with a minimal monthly installment. This package is specially design for homeowners who own over 20% equity in their house. On the other hand, lenders find difficultly to finance homeowners whose home values have dropped over time period and whose mortgages account for 80 percent and above with respect to their home’s current value. However, this program promises homeowners refinance to available at cheaper rate. There are certain credentials required to qualify for this program, such as; loan guaranteed or owned by Fannie Mae or Freddie Mac and consistent monthly loan payments up to a year. The desiring homeowners should duly file in applications before June 2010.
In order to qualify for the Special Refinancing Program your loan should be owned by or guaranteed by Fannie Mae or Freddie Mac. Even though you make payments to another mortgage company, you may still qualify for the program, what you nee to do is to ask from the mortgage servicer whether you loan is owned and guaranteed by Fannie Mae and Freddie Mac or make a cross check at http://makinghomeaffordable.gov website.
The Loan-modification Program is specially designed for homeowners who have irregularity or difficulty in paying their mortgage monthly payments. In this program, government facilitates lenders with additional funds as incentives to leverage homeowners’ mortgage payments up to 31% of their gross monthly income. Borrowers can chose to pay loan at 2 percent interest rate or increase the loan duration up to 40 years. Lenders might also consider reducing the principle amount. The pre-requisites making eligible for loan is: the loan should have started on or before 1st. Jan 2009, the principal should be less than $729,750 and the house should be a primary home. Additionally, the borrower should document income and sign the corresponding affidavit of financial hardship. The adjustments have to be made by 31 Dec 2012.
5 responses to “The Federal Mortgage Assistance Programs”
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Robert Morgan April 16th, 2009 at 05:50
This is a bunch of crap. I just lost my home. I am a Realtor and NOONE said they could help me. I had 28% of my own money in this home but could only show a 1099. Tried working with IndyMac bank since last summer. They put me off constantly.
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Monique Morin April 16th, 2009 at 06:36
Hi,
I am in one of those loans that have a 4 option payment plan. We went with this plan because, my huaband had lost a very well paying job $70,000.00 and now is working for $40,000.00 less a year.
My bank says, that I am not qualified for modifying my mortgage because of my financial and I can’t refinance,because the value is lower than what we owe.
So, they are saying that there is no help for us and we are stuck in the 4 option payment.
I try very hard to pay the interest only. But, at times I have to pay the minimum, and soon the house will start to recast and I will lose my dream home, and I will be so devastated. I plan on living in this home til the end of time. I don’t want to lose it.
So, is there help for me? -
michele April 17th, 2009 at 11:36
Yes it is a load of crap-there is no federal assistance and the companies will not modify. Corporate runs the U.S. not the middle class or the American people! Obama I voted for you-you mislead the middle class by promising to help us.
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michele April 17th, 2009 at 11:37
I have tried to modify and Countrywide will not cooperate. Yet I am paying for their bail out????
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Roberta Leahy April 27th, 2009 at 02:18
My friend owns a condo and rents it out. She
was contacted by the lender (goverment) and
told she could refinance at a lower rate and
instead of a ARM they would give her a fixed….She was not financially strapped and
has good credit and finances. Why are they bailing out people that didn’t even request or require it. What about the people truly in need?
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