Housing Rescue Plan Details Due Today (Page 4 of 13)
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Qualifying for a Payment Reduction
Now, let's answer some of your most pressing questions about how the housing plan works and what it means for you…
How do I know if I qualify for a payment reduction under the Homeowner Affordability and Stability Plan?
In general, you may qualify for a mortgage modification if:
- you occupy your house as your primary residence
- your monthly mortgage payment is greater than 31% of your monthly gross income
- your loan is not large enough to exceed current Fannie Mae and Freddie Mac loan limits. Final eligibility will be determined by your mortgage lender based on your financial situation. Detailed guidelines that will be available on March 4, 2009.
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