Brief Overview of What Obamas Stimulus Plan Means to You!

The Obama Stimulus plan was designed to provide relief to struggling homeowners and to help the lending industry by reducing and stopping foreclosures.  The plan offers the homeowner, both, the possibility of a new mortgage and/or new mortgage refinancing options.  Indeed, even a homeowner with bad credit can can potentially get approved for no cost, low interest rate mortgage.

In fact even if the homeowner has an upside down mortgage or has lost his or her job. Cash incentives are given by the government to lending institutions and where said institutions follow the Obama Stimulus Plan. The goal of the plan is to lower the mortgage payment of the homeowner to 31% of their income.  Interestingly, lenders would also be required to write down a mortgage principal rather than interest rates, with the goal of helping to reduce the chances of default. 

Categories: Remortgage  |  Tags: bad credit, homeowner, lending industry, low interest rate mortgage, mortgage payment, mortgage principal, mortgage refinancing, Obama Stimulus Plan, upside down mortgage  |  2 Comments »

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