byronslist.com

Obama's Stimulus package has been specially formulated to help 9 million borrowers in this present scenario of economic slowdown. In fact, they can now at least take the support of this package to keep their homes through modified loans or through refinanced mortgages. The housing part has been specifically named as "Making Home Affordable" program and is targeted towards responsible homeowners.

In order to qualify for the Obama's Home Affordable plan you need to check out the following points:

* If you are a first time homeowner and bought this house between 1st January and 1ST December you would get a tax credit worth 10% on your total house value. Moreover, you are compelled to stay in that house for at least 3 years.

* In case you can still have the repayment capability then you might get eligible for the refinancing program and that too for up to 15 or 30 year of fixed rate loan. But, in this case only loans of Freddie Mac and Fannie Mae would count.

* As per the Stimulus package to qualify for the housing assistance the homeowners are not allowed to owe more than 105% of the current value of their home on their first mortgage.

* In case you possess a second mortgage you can easily qualify for the loan provided the previous one is not more than 105% of your home value.

* Moreover, those who are already in foreclosure they need to check the eligibility criteria of the Homeowner Affordability program. In this case if you are staying in that concerned home and at the same time using 31% of your budget in paying off the mortgage payments then you can also have the chance of refinancing your loan.

Obama's Home Affordable plan and Stimulus Grant would not expire soon. In fact, as a home owner you are eligible for the loan if you have purchased the principal residence on or after 1st January 2009 or if you purchase it before 1st of December.