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Obama Home Mortgage Refinance Program

The Obama Mortgage Refinance Plan

Struggling with your mortgage payments? There are government mortgage refinance programs that can help you out. Let's look at one.

Obama Stimulus Mortgage Refinance Plan

The idea behind this group of programs introduced by the Obama Administration in 2009 is to give people alternatives to foreclosure. Whether you want to reduce your payments by taking advantage of today's lower interest rates, find a way to to stay in your home despite job loss or make sense of a mortgage that is larger than the value of your home, there are options available to an estimated 6 or 7 million homeowners.

Get Qualified for Obama's Mortgage Relief Plan Today...!

Refinance your mortgage to a low fixed interest rates and make your monthly payment more managable.

Reduced rates on additional mortgage OR home equity loan to as low as 1%
Low fixed interest rates for initial 5 years
New loan duration extended up to 30 Years
Save hundreds of dollars every month
Pay off existing loan instantly

How to Use the Obama Mortgage Assistance Plan:

1. The Home Affordable Modification Program (HAMP)

this is probably the most publicized of the Obama mortgage relief programs. For those who qualify, Home Affordable Modification Program lowers your mortgage payment to no more than 31% of your monthly gross income. This typically results in a 40% savings. To qualify the home must be your primary residence, you got your mortgage prior to 2009, your mortgage payment is greater than 31% of your gross income, you owe up to $729,750, you have financial hardship that has made you delinquent or in danger of being delinquent, you have enough income (documented) to afford the modified loan and you are not a convicted felon.

2. Principal Reduction Alternative (PRA)

created for those who owe more than their home is worth. Of the Obama mortgage refinance plans, this one encourages mortgage investors and servicers to reduce your mortgage principal. To qualify your mortgage must not be owned by Fannie Mae or Freddie Mac, you must own more than the home's current value and you must live in the home. You also must have obtained your loan prior to 2009, your payment must be more than 31% of your gross income and the first mortgage principal must not be greater than $725,750. Finally, you must have sufficient income to cover the modified loan, you must have financial hardship – you're behind with your mortgage or about to fall behind – and you are not a convicted felon.

3. Second Lien Modification Program (2MP)

of the programs to designed for mortgage refinance Obama has put into place, this one is least known. Why? Because it applies only to second mortgages and works in conjunction with the HAMP program. To qualify to have your second mortgage reduced your first mortgage must be part of HAMP. Your second is more than $5,000, your payment is more than $100 a month and you have not missed 3 consecutive monthly payments under HAMP. And, of course, you can't have been convicted of a felony in connection with real estate in the last 10 years.

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Obama mortgage refinance to as Little as 2% Interest

The Obama administration is working with mortgage lenders to bring down the monthly cost of home ownership for some 9 million homeowners. In an effort to bring monthly mortgage payments below 31% of gross incomes, the Obama mortgage refinance plan calls for the government to assist lenders in either reducing principal or interest rates for qualified homeowners. In some cases interest rates could be reduced to as little as 2%. Check If You're Eligible

  • Reduce your monthly payments
  • Lower your net interest rate
  • Lower your loan balance
  • Waive negatively accrued interest
  • Get extensions on payments
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HARP update 2012

Home Affordable Refinance Program (HARP) Changes to Help More Homeowners! HARP Update 2012, See If You Qualify! READ MORE.....

Obama Mortgage Relief Plan 2012 - Updates

The White House announced new mortgage relief plans for the year 2012 in early March. The announcements came during an election year and may serve as a big boost to the sagging housing market in the U.SREAD MORE.....

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