Mortgage Refinance Stimulus Package
4th December, 2011 - Posted by admin - No Comments
During the recent economic downturn, many Americans were facing problems with mortgage refinance and were losing their homes to foreclosure. In response, the Obama government introduced a mortgage refinance stimulus package to help financially troubled individuals and to help prop up the housing market.
The main goal of the program is to lower the rate of interest on mortgage loans with a payment plan that fits within a homeowners monthly budget. The program is executed through the two dominant home lending institutions in the US, Fannie Mae and Freddie Mac. These lenders refinance the mortgages of struggling homeowners who are underwater on their homes, but to qualify for this program your mortgage must be guaranteed by Fannie or Freddie. Your financial condition must also meet certain criteria in order to qualify.
Posted on: December 4, 2011
Filed under: mortgage news
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