Obama Plan Defined

Obama Economy Making Home Affordable Program often referred to as the “Obama Plan” offers  two programs: Home Affordable Refinance: For borrowers who are current on their mortgage but find it difficult to refinance because the value of their home has declined in value. Eligibility:

  • You must own a 1-4 unit building
  • The loan must be a Fannie Mae or Freddie Mac Loan.
  • For Fannie Mae call: 1-800-7Fannie (8am to 8pm EST) or visit Fannie Mae
  • For Freddie Mac call: 1-800-Freddie (8am to 8pm EST) or visit www.freddiemac.com
  • You must be current on your mortgage,
  • What you owe on your mortgage is the same as the current market value or slightly less.
  • You have a job and income to support a new loan at a lower rate.

Home Affordable Modifications: For borrowers who are either struggling to keep their loans current or are all ready behind on their mortgage. Eligibility:

  • You must owne a 1-4 unit building
  • Have an unpaid principal balance equal to or less than $ 729,750
  • Loan Origination date on or before January 1, 2009
  • Have a mortgage payment including taxes, insurance, association dues that is more than 31% of your gross income.
  • Have a mortgage payment that has become difficult to pay due to loss of job, income or other personal family problems which is considered a hardship.
  • The loan Modification program is a voluntary program with the following  Mortgage servicers

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