Obamas Mortgage Plan How Do You Qualfiy

If you are looking for information on Obama's mortgage plan, you've come to the right place. Here you will find out all the requirements for this plan. Meeting the requirements is the easy part, actually getting the file approved by your lender is another story...

For Obama's mortgage plan, you need to meet the following requirements:

1.Modifications may be available for borrowers who are delinquent (including those currently in foreclosure) or for borrowers facing the imminent risk of default because of a documented inability to continue making their current monthly payments. 2. The property must be occupied as the borrower's primary residence and most property types are eligible including, one- to four-unit properties, condominiums, co-ops, and manufactured homes. 3. Mortgages originated on or before January 1, 2009 are eligible and the unpaid pre-modification principal balance can be as high as $729,750 (more for two- to four-unit properties).

These are the main qualifications that need to be met. If you do meet these requirements, you may be able to reduce your monthly mortgage payment to 31% of your total monthly pre tax income.

This is accomplished by:

1. Lowering your interest rate to as low as 2%. This is the first step lenders take.

2. Extending the terms of your loan. If your payment is not low enough from step 1., they will try this to get it lower.

3. Finally, if necessary, your lender will forbear (defer) a portion of the principal until the loan is paid off and waive interest on the deferred amount.

This is all great, but not so great if you don't get your loan modified under these conditions. Lenders are still heavily backed up and your files have to be perfect to get accepted. If you would like more information on Obama's mortgage plan or help getting your files approved, just visit the following link.