Have you heard about US President Barack Obama Home stimulus plan? President Obama started a plan that will benefit the homeowners in keeping their houses and as well as the people who are working and doing their business in real estate industry to encourage more home buyers to buy and to put the real estate business back to industry? If you are a new homeowner, this plan could help you especially if you are having difficulties in paying for your home, near the foreclosure or bankruptcy.It offers refinancing for the homeowners in order for them to afford to keep their houses in losing it through Home Affordable Refinance Program (HARP). Aside from that, it offers revising the mortgage loans with Home Affordable Modification Program (HAMP).Here are the criteria to know if you are qualified for HARP if:1. The mortgage should be owned or guaranteed by Fannie Mar or Freddie Mac.
2. You are paying for your mortgage on time for the last 12 months and never missed a payment.
3. The amount on your first mortgage is not reached to 125% of the present amount of your home.
4. You have the justification potential in paying for the new mortgage that you are applying.
5. The refinance develops a good stability of your loan that it will be affordable for you.Here are the criteria to know if you are qualified for HAMP if:1. Your primary residence is the property that you are applying for.
2. You have not paid the balance of $729,750 for one home.
3. Your first mortgage issued on or before 1st of January 2009.
4. Your have a mortgage payment for more than 31% per month.
5. You have a documentation of financial difficulties that not affordable for you to pay.