How to Determine if you Qualify for Obama's New Housing Plan

You will learn if you qualify for Obama's new housing plan either by refinancing your mortgage or mortgage loan modification.

Instructions

    • 1

      To qualify for the refinance portion of the housing plan the borrower:
      - Must have their mortgage back by Fannie Mae or Freddie Mac
      - Must not owe more then 105% of the homes current value
      - Must be in goodstanding with their lender
      - Offer ends June 2010

    • 2

      To qualify for the modification portion of the housing plan the borrower:
      - Can be current or behind on their mortgage
      - Must have opened their mortgage prior to January 1, 2009
      - Can only modify their primary residence (investment real estate
      does not qualify)
      - Must provide their lender with most recent tax return, two pay
      stubs, and present an affidavit of hardship that cites your reasons
      for your hardships
      - Bankruptcy will not keep borrower from qualifying
      - Ends December 2012

    • 3

      Both plans start immediately. So, to get started you must contact your lender.

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