Financial Cookie Jar

www.makinghomeaffordable.gov - Do I qualify to recieve help on my home mortgage payment? President Obama has started a program in which home owners who are current on their payments, but struggling dearly to deliver the cash, can receive help. This is found at the above website (www.makinghomeaffordable.gov).

So, how do I know if I’ll qualify?

Well, that depends on a few things.

1. I qualify if… I’m in reasonably good standing with my bank, meaning that I have paid on time (or 30 days within on time) every mortgage payment within the last 12 months.

2. I qualify if… My loan is underwritten or backed by the Fannie Mae foundation, or the Freddie Mac foundation. To check, see below.

3. I qualify if… I live in a one-to-four unit house. For example, a stand-alone house up to a fourplex, as long as I live in at least one unit of the house.

4. I qualify if… My first mortgage is worth 105% or less of than the house is worth. (If I had a house worth $140,000, I qualify if my mortgage is below $147,000).

5. I qualify if… I actually live in my house.

6. I qualify if… I have a high mortgage payment (more than 30% of my income) every month.

The making home affordable plan will be available until July 10, 2010, so if you think you may want to refinance, DO IT NOW!!

Incentives,

• Possible lower interest rates (down to 2% with government incentives)
• Possible lower monthly payment
• Avoid increasing interest rates (the loan is fixed-rate)
• If you have 2 mortgages, I could still qualify

To see if your loan is backed by Fannie Mae visit www.fanniemae.com/loanlookup 

To see if your loan is backed by Freddie Mac visit www.freddiemac.com/mymortgage

Get real help from the government! Make your house payments affordable so you can manage the rest of your finances. Go to www.makinghomeaffordable.gov. Check it out. Then you’re that much farther down the green road to financial freedom!