Tag Archives: assistance
Government Mortgage Assistance Program For The Benefit Of Americans
Home owners can now avail Government mortgage assistance programs to avoid foreclosures and refinance their mortgages. The recession compelled the American Government to pass this Bill in 2009. It is very critical for a struggling home owner to be aware of and derive the benefits due to him from these programs.
Government mortgage assistance helps homeowners avoid foreclosures. This is for people who are unable to pay their monthly mortgages. It also helps a homeowner paying the mortgage to use fixed-rate loans to make less payment every month. People can modify existing mortgages and refinance their homes.
Mortgage Modification
Homeowners who cannot pay their mortgages on time have to work with the lender in order to change the terms of mortgage. The homeowner gets to keep the home while it avoids the foreclosure-process for the lender. Usually, the interest rates are reduced for a certain period during which one can pay off more of the principal. And, if the homeowner makes monthly payments on time, he/she is eligible for a reduction in the principal balance. The lender qualifies for incentive payments for each modified loan. This Government mortgage assistance plan expires in December 2012.
Mortgage Refinance
This government mortgage assistance program helps people who have lost a lot of their home\’s value. People with no equity or negative equity and those who are consistent in their monthly payments qualify for refinance loans. The eligibility criterion requires that the loan has to be owned by either Freddie Mac or Fannie Mae. A person is ineligible, if the property value has plunged too low or if the loan is a jumbo loan. This refinancing option expires in June 2010.
One should realize the benefits of the government mortgage assistance programs. With the help of experienced and knowledgeable professionals, one can secure government aid to help make the mortgage payments.
Real Estate Grants – Get Down Payment and Mortgage Assistance
By applying for real estate grants, individuals and investors can find the money they need to purchase a new home or help with their existing mortgage. Whether the funds are need for down payment assistance, to upgrade an existing home, or to help with closing costs, there is both government and private money available that can be tapped in to.
In terms of government real estate grant money, these funds are typically provided by your local or state government agencies. You can find out specifically how much money is available and what the qualification requirements are by contacting those various agencies. A faster method is to access an online grant search database that includes up-to-date information on the available funds and what is needed in order to obtain them.
The benefit of using a grant search database is that it not only allows you to find and quickly apply for real estate grants provided by the government, but also for private money. Since these programs typically go unadvertised, they can be particularly difficult to find, but access to a grant database makes that process easy.
While individuals can obtain as much as $ 50,000 in grant money to purchase real estate or repair their existing home, there is no guarantee that these funds will be awarded. There are qualification and eligibility requirements, but by reviewing those requirements and tailoring your application to meet match the criteria, you can increase your chances of getting approved.
There is no limit on the number of grant funds that can be applied for or received, and because grants are not loans, there is no repayment terms. By searching the database and seeing what funds may be available in your area, there is an opportunity to reduce the financial burden that comes with purchasing a new home or making improvements to your existing home.