Due to these problems, the Obama administration has introduced the housing and homeowner stimulus plan. This plan was announced in February and has started this month. Most people no longer have 20% equity in their homes, which is typically required for traditional mortgage refinancing, due to the dropping home prices.
Since details of President Obama’s housing plan won’t roll out until March 4, we thought we’d review what we know so far about qualifying for a refinance loan under Obama’s plan. To qualify, you must: Owe between 80-105% of your mortgage.An analysis of Zillow Q4 Real Estate Market Reports shows that 26% of mortgage holders, or 14.8 million homeowners, currently qualify to refinance.
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Specifically, Obama said he’s sending to Congress a plan that would give. helps underwater borrowers refinance as long as their mortgage is backed by Fannie Mae and Freddie Mac, the.
Up to 9 million families would be given the chance to refinance. unveiled the plan in Arizona, a state hard hit by home foreclosures. Obama, who a day earlier signed into law a landmark $787.
How The Obama Mortgage Plan Works President Barack Obama says up to 9 million struggling homeowners could get help from the housing rescue plan he outlined. The plan commits $275 billion in.
President Obama’s $787 billion stimulus package is a consortium of thousands of federal tax measures and expenditures on infrastructure, education, health care, energy and other projects. Many Democrats believe that the stimulus was too small to bolster the economy, as evidenced by the continuing U.S. economic slump.
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The federal government’s Home Affordable Refinance program is designed to help homeowners refinance their mortgages even if they owe slightly more than the current value of their homes.
In the State of the Union, Obama said he’s sending to Congress a plan that would give. known as the Home Affordable Refinance Program – to loans that are not owned by Fannie or Freddie. Read about.
Obama announced his action plan to revive the housing industry. The focus is to assist current home owners with there current mortgage, whether it is a refinance or loan modification. Also.
make sure the failure looks good in an election year: President Obama is pushing Congress to pass his plan to help struggling homeowners refinance. the housing market is going to bottom out anyway.
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