Obama Housing Stimulus package and Home Owner recovery Plan

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There are qualifications that have to be met. For instance, you have to have a Freddie Mac or Fannie Mae government-backed loan (because the risk on these loans is already owned by the government), and about one-half of mortgages fall into this category. You can check with your bank, mortgage company, or loan modification assistance to see if your loan qualifies.

If yours is not a government-backed loan, but you are paying more than 31% of your gross monthly income, you may also qualify. One of the ideas of this saving plan is to also help people lock in the lower rates offered today even if they do not have the 20% equity that was previously required. However, the Treasury will not pay subsidies to lower rates below 2%.

The modification plan states that a servicer is to sell out the interest rate so that the homeowner's monthly promulgation does not surpass 38% of the borrower's pre-tax income. The government then kicks in money to sell out the payments down to 31% of income. Also, as an incentive, lenders receive ,000 for each modification and continue to receive ,000 per year for the next three years as long as the borrower stays current on the loan. And the borrower gets up to ,000 a year for five years as long as they stay recent on their loan. This latter ,000 per year goes to sell out the principal on the loan and thus the whole that is owed.

The American dream of owning and holding your home should be preserved if at all possible, and that is what President Obama is attempting to achieve with affordable mortgage loans.

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