Most Americans in this day’s economic crunch are really suffering severely from the hard economic periods. The good thing about this is that President Barrack Obama really knows about it, and he has plans to help those who are struggling to buy homes with options. He did this so as to help the first time home owners avoid foreclosure despite the current plummeting values in the market and the high unemployment rate.
Covered in this Federal Stimulus Package in which he instituted on February 2009 a few days after his inauguration, many homeowners can either refinance their mortgage again if they wish so despite the low equity, or they can choose to have their loan payments rates lowered even further to suit the financial incomes.
If a person feels he has lost market value on his home which may end up cause more on a home, then a person can qualify for a program that allows him/her to refinance as much as up to 105 percent of the current price in the market. Despite that, the loan has to be Freddie Mac Owed or Fannie Mae, without the loan being in default or even having been late for over thirty days in the previous twelve months.
President Obama’s new stimulus plan will really be of help to millions of homeowners and even lenders alike thereby creating a really more lucrative housing market thereby the economic hardships, which are currently being experienced, will be lessened and will even turn around to be better sooner, rather than later. President Obama really want this to become a win-win situation for every person dreaming to own a home, this is because the faster the economy grows, the more the Americans will be able to become first-time home owners and live the “American Dream”, while lenders can also continue to exist.
Are you a first time home buyer? If so, you could receive a tax credit (grant) of up to $8000 from the federal government as part of the first time home buyer stimulus. To find out whether you qualify for the first time home buyer tax credit, be sure to visit our guide online.