Basic Facts about Obama’s Homeowner Plan – How It Affects Homeowners
November 6, 2009 by Customer Care
Basic Facts about Obama’s Homeowner Plan – How It Affects Homeowners in Des Moines, by Des Moines Real Estate Experts RE/MAX Real Estate Concepts
Obama found himself caught in the middle of an economic crisis immediately upon being elected to office, and one of his first tasks was to address the housing problem in America. At the end of 2008 there were approximately one out of every ten mortgages in delinquency. The housing act was introduced to lessen the amount of foreclosures in the foreseeable future. Here are a few main points of the act that can help homeowners in Des Moines keep their homes.
#1 Des Moines homeowners are given help to refinance their mortgages
#2 Incentive plans have been put in place and offered to lenders that will modify the mortgage terms for people that have taken loans.
#3 Des Moines homeowners’ principal balance cannot be more than 729,750 dollars.
#4 Loans must have been taken out before January 1, 2009.
#5 The mortgage payments will be reduced to 38% of the person’s monthly income. The government will further reduce these payments down to 31% with a subsidy.
#6 Loans can be brought down by reducing the interest rate to 2%, reducing the principle or by extending the length of the loan.
Many homeowners in Des Moines have been able to keep their homes on account of this act. It has not been able to help everyone, but the majority of Des Moines homeowners that qualify have been accepted and able to keep their home. It is important to remember that this act was not designed to save all homeowners, but rather as a blanket solution to help many and save the economy.
There are a lot more details regarding this act, and if you have any questions you should talk to your Des Moines real estate agent. He can explain your options and help you make any necessary decisions about your home in Des Moines.
If you need more free information about selling, buying or investing in Des Moines real estate and for everything Des Moines real estate visit us at Real Estate with RE/MAX. Please feel free to contact us with any of your real estate or mortgage related questions and we will be more than glad to answer your questions. Call us at 1-800-708-5890 or email us at dsm@realestateconcepts.net.
Filed under Des Moines Real Estate Blog
Related posts:
- How President Obama’s Mortgage Plan affects Homeowners In order to reduce the number of foreclosures, which have been on the rise recently, Pres. Obama introduced a plan to make homes more affordable....
- Home Warranty Facts A Home Warranty is like an insurance policy that benefits both the buyer and seller of a home. ...
