Saturday, April 4, 2009

Economic Stimulus Package 2009 - How Will Obama's New Stimulus Package Affect Your Mortgage By Eric Banks

President Barack Obama is all set to balance out the chaos happening in the US economy. In order to stop the rapid flow of foreclosures, bankruptcies and losses to the financial institutions the new Stimulus Package has been announced with a budget of $ 1 trillion. The Economic Stimulus Package 2009 shall give you help in the form of loans, tax credits and grants. It is based on the keywords like 'affordability' & 'loan modification.'

It has come in with a major impact on your mortgage & home ownership deals. Now all those home owners who are having sleepless nights in the fear of a foreclosure might take a sigh of relief. You can now apply for a loan modification quite easily and enjoy a lower rate interest.

Will Obama's 2009 New Stimulus Package Affect your Mortgage:

· Earlier only those home owners who had 20% equity in the home, could apply for the loan modification. Now that is not the criteria. Now if the mortgage amount is more than 105% of the current value of the home, the home owner can apply for a loan modification.

· The loans owned or modified by Fannie Mae & Freddie Mac are all eligible for the loan modification.

· There is a ceiling levied on the mortgage amounts. The new modified mortgage monthly payments can not exceed 31% of the gross monthly income of the borrower currently.

· The loan modifications are done at the lower rates of interest. From 6.5% it has reduced to 5.16%.

· The home owners can shift from the variable rates of interest and ARM (Adjustable Rate Mortgage) to the fixed rate of interest.

· You can now opt for long term loans like 20 years or 30 years.

To know more about Loan Modification Programs and to check if you qualify

Click Here --> Federal Loan Modification

President Obama has offered $1000 incentive for home owners that opt for Loan Modification instead of Short Sale Or Foreclosure

To know more about Latest Loan Modification Programs and to check if you qualify for Government Grants

Click Here --> Federal Grant For Homeowners

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