Obama’s Making Home Affordable Initiative Launches Today

The Obama administration launched the “Making Home Affordable” initiative today, which will greatly improve the worry factors of an estimated 5 million qualifying homeowners. The Boston Globe has a bullet list of the plan’s main points. Among them:

• Interest rates can be lowered to as low as 2 percent and then if necessary, the term of the loan can be extended to a maximum of 40 years.

• The home must be a primary residence (verified with tax return, credit report, and other documentation such as a utility bill). The home may not be investor-owned.

• Borrowers must provide their most recent tax return and two pay stubs, as well as an “affidavit of financial hardship” to qualify.

• Borrowers are only allowed to have their loans modified once, and the program only applies for loans made on Jan. 1, 2009 or earlier.

• Homeowners are eligible for up to $1,000 of principal reduction payments each year for up to five years.

See more here.

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Written by Drea Knufken

Drea Knufken

Currently, I create and execute content- and PR strategies for clients, including thought leadership and messaging. I also ghostwrite and produce press releases, white papers, case studies and other collateral.