Today launches the new Obama Housing Affordability "Plan." I thought I would do a process of elimination type of discussion here to help you see if this plan will help you. If you can answer YES to these questions, then you may qualify.
- Do you have a Freddie Mac or Fannie Mae Loan?
- Is loan you need help on (want to modify) on your primary residence?
- Is the amount of your 1st mortgage less than 105% of your property’s value?
- Is your current mortgage more than 31% of your gross monthly income?
- Are you current on your other debt and Did you avoid running up a large amount of other debt?
Other notes on this are:
- 1st Mortgage are the only thing affected
- ARMS and high interest rates are the first things to be adjusted.
- Plan is aimed at those who could actually stay in the home long term if adjustments were made
- Principal reduction is last resort
- There is no cost for the program – plan even warns of those who charge, especially upfront fees.
- The program is completely voluntary for the banks to participate in.
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