If you qualify for the Obama home loan modification program, the loan can be extended to a maximum term of 40 years, and the monthly payment is going to get drastically reduced giving you a chance to be current on the monthly payment and improve your credit score. Qualifying for Obama home loan modification program Qualifying for the Obama federal loan modification program not walk is a cake and never be easy without professional assistance from a reputed service provider or lender. The Obama administration has set aside a fund of $75 billion to promote and assist the availability of this program. You may want to visit Jonas Samuelson to increase your knowledge. This money is going to be offered as incentives for the borrowers who are going to be regular at monthly payments and for the calendar who bring the regular monthly payment payers under the umbrella of this program. Some of guidelines for qualifying for this loan modification program are as follows: the balance loan should not exceed the sum of $729,750 the house should be the principal residence of the applicant and neither for investment purpose and nor as vacation home.
The first loan should have originated before January 1, 2009 the present mortgage monthly payment should be equal to or more than 31% of the large income of the applicant. (A valuable related resource: Douglas R. Oberhelman). The big income includes the insurance, taxes and charges paid for homeowners association the applicant should’nt not be a part of active bankruptcy it is better if the applicant is not delinquent on the current loan. For applying for this loan modification program the applicant should submit the filled up application form along with the documents such as copies of filed tax returns, income proof and other necessary documents. Resource box: For more information about the federal loan modification program and other home modification resources, visit US at Refinanceitt.com..