The Federal Government has come out with a few different programs to help people with loan modifications.  Now these programs are available not only to people who are behind on their house payments, but also to homeowners who are struggling with their mortgage.  Read on below to learn more about the programs and see if you and/or your home will qualify.

 These special programs are called HARP or HAMP depending on which may be applicable to your situation.  They provide the following key elements:

 1)      A $75-100 Billion program

2)      Objective is to reach 7-9 million homeowners before delinquency

3)      Must be an existing Fannie Mae or Freddie Mac owned loans to $729,750 that are conforming (not    jumbo)

4)      Can modify loans up to 125% Loan-to-Value for “upside down” mortgage with no mortgage insurance

5)      Reduced interest rate to as low as2+% for a 5 year period.

6)      Extend the term to 40 years

7)      Temporarily suspend principal payments

8)      Must be your primary residence for the 1^st Deed of Trust only.

9)      Gives lenders incentives to fund this loan anywhere from $1000-$1500

10)   Homeowner does not have to be “upside down” on their mortgage

11)   Credit scores may not be applicable 

 First, determine if your 1^st mortgage loan is Fannie Mae or Freddie Mac owned – see the links below for that.  Then research the other links to see if you qualify for the loan modification and the terms that may be offered you. 

 General information about the Making Home Affordable Program

http://www.makinghomeaffordable.gov/

Fannie Mae Loan Look-Up

http://loanlookup.fanniemae.com/loanlookup/

  Freddie Mac Loan Look-Up

https://ww3.freddiemac.com/corporate/

  HAMP program administration site

https://www.hmpadmin.com/portal/index.html

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The Senate, House, & President Obama passed the Homebuyer Tax Credit on Friday, Nov. 6th. Not only was the Homebuyer Tax Credit extended, it was expanded. Here are a few key points:

$8000 for 1st time homebuyers
$6500 for “non-first time” homebuyers
Primary residence only
Must have a property under contract by April 30, 2010
Must close by June 30, 2010, excepting military personnel serving outside the US for at least 90 days – June 30,2011
Home must cost $800,000 or less
Income limits – $125,000 for single filers, $225,000 for joint filers

So, if you’re thinking about buying or selling a home, NOW is the time to get the FREE money from Uncle Sam . . . as the time for this extension will pass quickly and then it’s GONE. Call me to learn more about this unprecedented legislation and what it means to YOU. Read more here.

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