The Home Stimulus Program is a government program that was put in place to help homeowners struggling financially. There are two main methods to take advantage of this program: the Rate and Term Option Program or the Refinance Program.
This article will discuss the Rate and Term Option Program in detail. This program can help you save money and lower your rate of monthly mortgage payment.
It is available to homeowners with good credit scores. Read on for more information.
What is the Rate and Term Option Program?
Reports state that many homeowners are still struggling to keep up with their mortgage payments. $202,284 is the average mortgage debt in the US.
The Rate and Term Option Program is here to help. This program offers a lower interest rate and smaller monthly payments. The Home Stimulus Program will work with your lender to refinance your mortgage if you qualify.
The Rate and Term Option Program is just one of the many services the Home Stimulus Program offers. It also offers the following programs:
-Payment Reduction Program
-Mortgage Modification Program
-Short Sale Assistance Program
To qualify for the Rate and Term Option Program, you must meet the following requirements:
-You must be current on your mortgage payments
-Your home must be your primary residence
-The amount of the mortgage must be more incredible than $50,000
-You must have a credit score of 620 or higher
If you meet these requirements, the Home Stimulus Program can help you.
What is the Payment Reduction Program?
This program can help reduce monthly mortgage payments by up to 50 percent. If you meet the income requirements and your lender approves, the Home Stimulus Program will work with them to refinance your loan.
Here are the eligibility criteria:
-You must have a current mortgage.
-Your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac.
-Your mortgage cannot have originated before January 2009.
-The loan to value ratio on the property must be greater than 80 percent.
If you meet all of these criteria, the Home Stimulus Program can help you reduce your monthly payments and save you money.
Benefits of the Home Stimulus Program:
1. Lower Your Monthly Mortgage Payment
The Payment Reduction Program can lower your monthly mortgage payment, which could free up some extra cash to help with other bills or expenses.
Depending on how much you qualify for, your new monthly mortgage payment could be lowered by hundreds of dollars each month. This program is a great way to help make your mortgage more affordable.
2. Shorten The Term Of Your Loan
The Short-Term Refinance Program can help you shorten the term of your loan, which can help save thousands of dollars in interest over the life of any loan. This program is a great way to reduce the time it takes to pay off your mortgage.
If you are looking for a method to reduce your monthly mortgage payment and shorten the term of your loan, the Home Stimulus Program can help.
Overall, the Home Stimulus Program can help you in several ways. It can lower your rate of interest, saving you money every month. It can also help reduce your repayment period, helping you pay off the loan sooner.