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Recently President Obama passed a new package called the home refinance stimulus package and the loan modification program. This new program is geared towards those people who are having a hard time being a place to financially pay for their home loans. The program is set to help nearly 9 million people for over $75 billion dollars in loans.
There are two parts to this program that will be helping Americans. The mortgage refinance program and the loan modification program.
The refinance program is being run through Fannie Mae and Freddie Mac to help people refinance their homes to avoid foreclosure. The loans will be guaranteed by either loan company Fannie Mae or Freddie Mac in addition to that the homes must be used as a primary residential home that people are currently living in. This would make rental homes and other vacant or second homes exempt from this condition.
The loan modification program will allow home owners to stay with their current loan company and reduce the loan % that they are paying to as low as 2%. This reduced interest rate will lower the monthly payments thus making it easier to stay in their homes.
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