Comey & Shepherd - Cincinnati Living Online

Homeowners in Good Standing on their Mortgages Can Benefit from the Stimulus Package

I have received a couple of inquiries from clients of mine in Cincinnati and around the country who are wondering how to reap the benefits of the stimulus bill. As I mentioned in a prior post, there is the $8,000 tax credit for first time homebuyers. What about homeowners who are current on their payments and are looking to refinance, but their neighborhood’s home values have declined to the point that their home will not appraise for the loan amount?

The government has a couple of websites for those people who are in this position and want to know if they qualify for any of the programs available.

Making Home Affordable

FinancialStability.gov.

Remember that while the government is sponsoring the programs, your bank needs be involved in the process and ultimately approve your participation.

According to many experts, you have the best chance of qualifying if you meet the following eligibility requirements:

1)Your loan is backed by Freddie Mac or Fannie Mae

2) You have at least 5% equity in your home.

3) You are current with your payments