In March the guidelines were released that explained in detail what President Obama's initiative means to folks who need the assistance.
This program is designed to help homeowners stay in their home through refinancing or loan modifications as opposed to being forced into a short sale situation or worse...foreclosure.
How to qualify:
You need to owe between 80%-105% of your mortgage.
Your loan must be backed by Freddie Mac or Fannie Mae, many people have no idea. If you don't you can 1-800-7FANNIE or 1-800-FREDDIE to find out.
You must have a conforming loan. This can mean different things around the country but around here it means a loan under $417,000
for full details visit www.makinghomeaffordable.gov
Email us for a list of approved local lenders to help get you rolling.
For the most current local Real Estate Info for the O'Fallon IL area visit us at
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