President Barack Obama's new mortgage relief plan aims to help up to 9 million borrowers qualify for more affordable mortgages and stay in their homes. Obama's "Making Home Affordable" program is designed to work with lenders to modify the loan terms for up to 4 million homeowners and to refinance up to 5 million homeowners into more affordable fixed-rate loans.
The Question is: Do you qualify for the refinancing plan?
- Only homeowners in good standing whose loans are held by Fannie Mae or Freddie Mac qualify.
- The property must be owner-occupied and the borrower must have enough income to qualify for the new mortgage debt.
- Borrower's can't owe more than 105% of their home's current value on their first mortgage.
- Borrowers with a second mortgage still can qualify as long as their first mortgage isn't more than 105% of their home's value.
- Homeowners can't take cash out during the refinancing to pay other debt.
- Borrowers have until June 2010 to apply for the program.
Above information provided by Covenant Mortgage Corporation. If you have questions about your existing or future mortage, please contact
Covenant Mortgage. For assistance with selling or buying a home, contact our team at
Vanderhoff Real Estate today.
Labels: covenant mortgage, making home affordable, mortgage, obama, president, program, refinance, vanderhoff real estate
