If you owe less than $729000 on your mortgage
you probably qualify for Obama's *making home affordable
program*. This obama mortgage plan helps home owners
refinance and take advantage of today's historic low interest
NOTE: Even if you have a mortgage of $729000 or more you
should try to lower your mortgage. Rates are really low now
and filling the mortgage form will Not cost you anything.
Remember reduction of even a percentage on your loan
will help you save thousands of dollars.
If you are a home owner and you have not looked into refinancing
recently, you may be surprised by how much you can save. This
Obama plan offers refinance rates at 3.00% APR or Lower -
compare this to your current rates and see how much you can
save. It will certainly help you to avoid foreclosure. With
this Obama plan you can refinance, take a new home purchase
loan, get a reverse mortgage, and get home equity loan - all
at low rates.
Benefits of the Obama mortgage plan:
This Obama mortgage program will help more than 9 million
Americans to avoid foreclosure. You can be one
What is the Obama Mortgage Refinance Plan?
On March 2nd the US government extended a housing relief program
designed to help 7-9 million homeowners. So far only 85,000 homeowners
have used the program to refinance. Many homeowners mistakenly think
they are not eligible. We urge you to Refinance NOW!
If you think you pay too much for your mortgage - you probably
do. In fact you may be paying more than your neighbors even though
you live in the same neighborhood and their house looks identical
to yours. Why should you pay more?
here to find out what your lowest monthly payment could be.
The Obama Mortgage Plan Explained:
When Obama become president of America – foreclosures
were abundant. He though of a plan to help homeowners avoid foreclosure.
This program was named: The Making Home Affordable ©
Under this program if you owe equal to or less than $729500 on
your first mortgage and are having trouble paying your mortgage,
you can qualify for the program.
Using this MHA Program homeowners can lower their payments and
refinance their loan at a much lower rates. This program can help
even those who are not able to pay their mortgage at all –
whatever the rates – the Obama mortgage plan will help them
a way to avoid foreclosure. If you cannot pay any mortgage at all
here to see if you qualify.
In addition to these the Obama mortgage plan has options for unemployed
homeowners and homeowners who owe more than their
homes are worth.
The Technical Details of the Obama Housing Plan:
The new Obama housing bailout mortgage plan helps homeowners who
are finding it hard to manage the high mortgage interest rates and
if their home loan is backed by Fannie Mae or Freddie Mac.
So the obvious question that might be wondering in your mind right
now is – how do you know if your home loan is backed by Fannie
Mae or Freddie Mac?
The answer is pretty simple. The first step is ask your mortgage
servicing bank or financial institution. It may be Wells Fargo,
Citi, Ditech, AmeriSave, Lending Tree or some other company. Just
If still you are unable to find out they both have their websites
and you can check online if anyone of them backs your loan.
To find out if Fannie Mae owns it visit their website here!
To find if Freddie Mac owns it, visit their website!
Please fill their online forms correctly. It should match your mortgage
If the answer is "Yes" – meaning either Fannie
Mae or Freddie Mac owns your home loan, you qualify for the Obama
mortgage refinance plan if your loan amount is less than $729000
or if your loan is between 80 to 105 percent loan-to-value (LTV)
without mortgage insurance (PMI).
What is loan-to-value (LTV)?
Loan to Value is a percentage driven by Total Loan Borrowed Divided
by Total Value of the Home Multiplied by 100. (Total Loan Borrowed
/ Total Value of the Home) * 100. For example if you are borrowing
a loan of $100,000 to buy a house that is worth $150,000. It means
Loan to Value is (100,000/150,000)*100 = 66.66%. This is also considered
a risk factor for lenders while approving the loan. The higher the
LTV, the higher the risk for them. If LTV is very high, rules for
lending become stricter and the applicant may be asked to apply
for mortgage insurance that increases the total loan amount.
By how much amount the loan annual percentage rate (APR) will be reduced?
The new rate offered starts from 3.62% APR, but it also depends
on your financial situation. Someone might be able to refinance
even at lower rates.
Here is a tip: People who bought their homes in early 2000 might
fall in this bracket and benefit from the Obama refinance program.
However Orange County home owners may not qualify who bought their
homes in the last few years as their home value is likely to be
dropped by 20 to 30 percent and therefore their LTV should be over
105% - a high risk from the lenders perspective. These cases might
not be able to avoid foreclosure.
So do your own math and see if you qualify. But the best possible
way is to let the refinance company decide if you actually qualify
for the Obama mortgage refinance assistance program.