Do I Qualify For The New Obama Loan Modification / Refinance Program?

There are a lot of questions and confusion regarding the Obama administration's announcement of its latest plan to help troubled homeowners, enabling an estimated 3.5 million underwater mortgage holders to refinance at today’s historically-low interest rates.

There are many hopeful homeowers that are delaying the recovery process in hopes of qualifying for the program. Lets take a moment to review the qualifications of the plan...

Under the current proposal, to be eligible borrowers must:

Have not missed a mortgage payment in the past six months, and have no more than one late payment in the six months prior;
Have a credit score of 580 or higher;
Have a current mortgage balance within loan limits for FHA-insured loans in their communities; and
The property must be their primary residence

it’s important to remember that this program would require Congressional approval, which may never happen.

If you or someone you know is on the edge, if you are facing foreclosure and need immediate help, don’t let the media talk of this proposal distract you from finding a real solution. Time is of the essence.