Take advantage of the low mortgage rate of 2.99% in the President's Making Homes Affordable program (MHA) available in the entire Twin Cities and Minnesota mls area. President Obama's program is designed to help the tenuous housing market of the United States. The administration and the government support moderate and middle income families in many ways to ease the costs of owning a home in today's market.
Homes in the mn real estate market valued at less than $729,000 can become part of the MHA program to assist homeowners refinance at the lowest rates in many years. The strategy of the administration is to reduce the monthly payments on mortgages. For example, an owner of a Minnesota mls home refinancing a $200,000 mortgage will pay $842 a month depending on age of the owner and location of the property. With more details, the price could decrease even further.
The special incentive from MHA is to offer a refinancing program to the many people who owe more debt on their mortgages than the market value of their homes. Today's market has many property owners in dire straits and struggling to keep up with mortgage payments that have become a greater debt than the price of their homes. Obama's MHA program provides services such as homeowner refinancing, new structured payment programs, consultations with the Housing Urban Development (HUD) agencies and collaborations with the many lenders, real estate agents and agencies of the multiple listing systems.
Other incentives of Obama's MHA program help homeowners prevent foreclosure and reduce the burdens of unemployed homeowners. As a result of the recession, homeowners in trouble have had to take cuts in their salaries that were higher at the time they bought their homes.
Less cost in monthly payments allows mortgagees more freedom to structure their monthly budgets, stop the process of foreclosures and give homeowners more time to find gainful employment. MHA loan plans work with lenders to get applicable homeowners' payments decreased to 31% of their gross monthly income. Lenders are allowed to extend the life of the loan to 40 years to get the debt down to 38% of the homeowner's monthly income or to delay principal that will become due as a balloon payment at the maturity of the loan. Once the 38% of homeowner's liability has been reached, the government will pay the dollar for dollar in reductions to get the monthly cost down to 31%. There is a three month grace period to see if the homeowner can remain current with the lower payments and if so, the new loan will last for five years.
However, there is a time limit on the MHA program. Homeowners have until January 31, 2012 to readjust their mortgages with their lenders and get their monthly payments at the lowest rates possible which is currently 2.99%, the lowest rate in years.
Artice Source: http://www.articlesphere.com
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