Your Home's Value
Home Affordable Refinance
Making Home Affordable Loan Modification
Find out what your home is worth in today's market!
Home Affordable Refinance
The refinance provision of the 2009 Stimulus plan is designed for homeowners who are current on their loans but are unable to take advantage of today's low interest rates. Due to the tightening of credit, many homeowners cannot qualify for a conventional refinance because they do not have the required 20% equity in their homes to qualify for the low interest rates now available. The program has the following requirements:
-You own and currently occupy a one-to-four unit home
-Your mortgage is held by Fannie Mae or Freddie Mac
-The amount you owe currently does not exceed 105% of the current value
-You have stable income sufficient enough to support the new mortgage payments
-If you would like to participate, you can call the lender ofyour choice. You do not need to work with your current loan company and there are no "approved providers", so don't get scammed
Th refinance initiative is not designed for:
-Homeowners who are delinquent on their mortgage payments
-Homeowners who owe more than 105% of the homes current value of their home
-People who want to get cash back from their refinance.
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Making Home Affordable Loan Modification
The Making Home Affordable program is designed to facilitate the modification of the existing loans of homeowners who are in financial distress. In order to be eligible for a modification you must:-Be an owner occupant
-Have an unpaid principal balanc of $729,750 or less for single unit properties
-Have a loan which was originated on or before January 1, 2009
-Have a mortgage payment (including taxes, insurance and HOA dues) that is more than 31% of your gross (pretax) monthly income, and
-Have a mortgage payment that is not affordable
The program is available to homeowners who are either current or behind on their mortgages and make payments to a participating servicer (mortgage company). If you are approved for the progam your payment will be reduced to a level where the total payment is no higher than 31% of your gross income. You will first be put on a three month trial modification at the new interest rate and payment amount. If payments are made successfully throughout the trial period, your servicerwill execute a permanent modification agreement that will lower yuor interest rate to a fixed rate for five years. The US Treasury is providing incentives to mortgagecmpanies to lower interest rates down to as low as 2%.
For full details on the program go to: www.MakingHomeAffordable.gov
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Find out what your home is worth in today's market!
Using my wealth of resources I can provide you with an accurate, in-depth Comparative Market Analysis, which will give you a realistic idea of a selling price for your home.
This is a free, no-obligation service and your information always remains private. The more details you can provide, the more accurate your report will be.
