President Obama's Mortgage Relief Outline
The Obama administration started a new program effective March 4, 2009 that's
designed to help up to 9 million borrowers stay in their homes through
refinanced mortgages or loans that are modified to lower monthly payments.
- 4,000,000 loans to be modified
- 5,000.000 loans to be refinanced into a fixed rate loan
- the program applies to Fannie and Freddie Loans only and a borrower must
apply by June 2010
- Interest rates as low as 2.0% for five years
- Value cannot exceed $729,250.00 for a single family residence
$ 934,200.00 for a 2 unit property
$ 1,129.250.00 for a 3 unit property
$ 1,403.400.00 for a 4 unit property
- DTI Target = 31% - Mortgage payment vs. Income only