because of the housing market crash, I definitely owe more on my Michigan house than the worth of the house. It is the only house I own, but its been rented out.
How can I take advantage of refinancing options that is part of Govt bailout program. Is there any govt agency I need to apply through or any major bank should be able to take care of that.
I dont live in Michigan.
Re: How can I take advantage of US Govt bailout for home refinancing
TLK bailout money is available to FIRST TIME Home Buyers......$8K - $12K!
or you can refinance to a lower rate than you had before!
Re: How can I take advantage of US Govt bailout for home refinancing
Home Refinance Stimulus Package
In this program the two most powerful mortgage lending agencies of the government Fannie Mae and Freddie Mac would refinance the home loans of all the owners who owe much more amount to the bank than the actual value of the house. The only condition for this package is that the mortgage must be a guaranteed one by Fannie Mae and Freddie Mac, and then even if you are strong enough to pay the entire extra amount, you can gain advantage of the program.
But there is one major condition joined with refinance stimulus package and that is; the offer is only valid for the properties which are used for residential purpose. Any property which is lying like a building and no one is living inside, will not qualify for Obama’s home refinance stimulus package.
Loan Modification Stimulus Package
There have been special incentives that Obama’s government is going to provide to all the lenders for doing loan modification on the existing home loans of the borrowers. According to this program, the homeowners can get rid of foreclosure by getting it done. The main features of this program would be; interest rate would be reduced and it can go down to 2% only, tenure of the loan would be increased to reduce monthly payment amount and borrowers will get waiver of late fees.
·With loan modification, lender will also take care of the total monthly payments that a borrower is making and it would not increase than 31% of the total monthly gross income.
Some links:
Refinance at 4.5% with Obamas Mortgage Stimulus Package. | Refinance Right - Mortgage Refinance Faq and Advice
Obama Home Owners Stimulus Package
Re: How can I take advantage of US Govt bailout for home refinancing
These days i am seriously thinking about getting on the boat, .. my question to experienced mortgage owners, i am 24 with a good stable income, should i buy a home? As they are historically low in some sectors of NY. 
Re: How can I take advantage of US Govt bailout for home refinancing
^ I would buy in your position :) Overall, home values are down 10-40% across most regions. You can do specific research on you particular location. Zillow is a good website.
And yes, go for a 15 yr mortgage. By the time you get to my age you will be close to owning your home :p
Re: How can I take advantage of US Govt bailout for home refinancing
because of the housing market crash, I definitely owe more on my Michigan house than the worth of the house. It is the only house I own, but its been rented out.
How can I take advantage of refinancing options that is part of Govt bailout program. Is there any govt agency I need to apply through or any major bank should be able to take care of that.
I dont live in Michigan.
Unless you intend walking away from the mortgage ;), you should refinance. Rates are at 20 yr lows. However, you need atleast 20% equity in your home to get any shot at refinancing. With the fall in home values, do you have 20% or more equity ? If so, you have a good shot at getting decent rates when you refinance.
Bailout benefits are only for first time home buyers. However, you will get indirect benefits through lower interest rates.
Re: How can I take advantage of US Govt bailout for home refinancing
^^ so you are 39.. hmmm.. atleast i got your age..
Re: How can I take advantage of US Govt bailout for home refinancing
^^ so you are 39.. hmmm.. atleast i got your age..
I said "close to owning your home". Thats different from "owning your home" :p
Re: How can I take advantage of US Govt bailout for home refinancing
oki i add one more year 
Re: How can I take advantage of US Govt bailout for home refinancing
You don't have to buy a huge house. You can buy a small condo or a townhouse near a university and rent it out.
From personal experience, once the properties are paid of - the rental income is nice to have.
Re: How can I take advantage of US Govt bailout for home refinancing
Do the math -
If I bought a house at 24 with a 15 yr mortgage -
Re: How can I take advantage of US Govt bailout for home refinancing
You don't have to buy a huge house. You can buy a small condo or a townhouse near a university and rent it out.
From personal experience, once the properties are paid of - the rental income is nice to have.
Great idea, :)
Re: How can I take advantage of US Govt bailout for home refinancing
I know,..
ps. i got your age
Re: How can I take advantage of US Govt bailout for home refinancing
You'll save big on taxes if you actually live in the residence.
NY/NJ is good because rents are always good.
Re: How can I take advantage of US Govt bailout for home refinancing
Good for you 
But make sure to get a 15 yr mortgage. Those rates are really low these days.
Re: How can I take advantage of US Govt bailout for home refinancing
TLK - why not look at foreclosures in your area?
Re: How can I take advantage of US Govt bailout for home refinancing
Good for you ;)
But make sure to get a 15 yr mortgage. Those rates are really low these days.
Yes, .. i am doing my paperwork.. thanks..for the advise..though !
Re: How can I take advantage of US Govt bailout for home refinancing
Thanks guys ..
njgal , i dont want to buy another house till I get rid of this one
Re: How can I take advantage of US Govt bailout for home refinancing
I lived in a rented home in Michigan:hoonh:
I need to talk to you about some electrical wiring and the dead tree in the backyard!