The Home Stimulus Package - Why I Love It!
Since he became US President, Barack Obama has made the issue of housing one of his top priorities
. The new home stimulus package that he has implemented has as its purpose the boosting of the housing industry by making homes more affordable. It helps lower income Americans to purchase new homes or to pay for repairs and improvements to their current homes.Everyone is aware that these are troubled financial times, and that an ever increasing amount of people are losing their jobs and facing mortgage foreclosures, and that is why a home stimulus package such as this is so important. These improvements are designed to make the home affordable plan packages even more beneficial to those who make use of them. For example, just this August an amendment was made to the home stimulus package. There were numerous changes made. For example, you can now benefit from the plan even if your equity is lower than twenty percent, so more Americans can now benefit from the package.
Another significant change, which was made to make it easier for people to pay off their debts, was to the lower the interest rate from 6.5% to 5.16%. The loan period has likewise been increased to twenty to thirty years in order to give people more time to pay off their debts. Furthermore, payments need now be no more than 31% of your monthly income, which means that you can totally cover the other needs of your family before allocating money towards these debt repayments.
I have a friend who has wanted to buy a new home for the past few months. He tried to apply for the home stimulus package, but was rejected because he only had an equity of 19 percent. Also, he said he would have a difficult time paying for the loan because of the high interest rate. But the changes made to the package have now allowed him to apply for the loan. My family and I just attended the blessing of his new home last weekend. This package implemented by President Barack Obama is indeed a blessing.
This is only the tip of the iceberg when it comes to the advantages and benefits this home stimulus package can give us. But, the bottom line is this: You too can now afford to buy your new home or do repairs on your current home as a result of this home affordable plan. Keep in mind though, that you're not qualified for the first time home buyer stimulus tax credit if your income is higher than $95,000 (single) or $170,000 (married). If your income is is lower than that, then you really are doing yourself an injustice by not at least researching further this great opportunity.
by: Mark Walters