Under the Plan, there are several grants, loan modification programs, repayment options, and revised refinancing terms available for loans that are eligible.
* Grants ? These are available for homeowners regardless of whether or not they have sub prime credit scores. If you are looking for short-term assistance, you might benefit utilizing grants to repay your loan.
* Loan Modifications ? Previously, there were problems with loan modifications not working out, but the terms have been revised and the new guidelines entail the monthly payment being no more than 31% of your gross monthly income. Additionally, your debts must be no more than 51% of your overall income.
* Credits and Special Loans ? First-time homeowners and people who have their first auto loans are able to take advantage of these programs.
* Reduced Interest Rates ? rates have significantly dropped to 5.16% from 6.5%.
* Housing and Urban Development (HUD) ? their services are free to homeowners seeking advice on their finances and approaching their lenders.
* Refinance ? by refinancing under the new terms that no longer require you to have 20% equity in your home, you can have a lower interest rate and a principal reduction. This also may include an extension in the term of your loan, so that your payment can be further reduced.
* Waiving Fees ? any late fees or processing charges may also be suspended, allowing you further savings.
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For tips and facts about how you can benefit from Obama's Home Stimulus Plan - or to find out if you qualify, visit our no nonsense home stimulus guide: http://ObamasStimulusPackage.net
Author: Lindsy Emery