Quick questions about Obama stimulus

iVillage Member
Registered: 07-05-2006
Quick questions about Obama stimulus
1
Thu, 03-26-2009 - 3:12pm

I was reading about the Obama mortgage stimulus plan and there were a few things that confused me. First of all, your mortgage has to be through Fannie Mae or Freddie Mac and I don't think my mortgage is through them. I know I can find out at a certain website. The second thing is that you aren't qualified if you have made any late payments within the last year. The 3rd thing is that your mortgage goes down to 4.3% for 5 years, but then adjusts to the current market rate after 5 years.

It just doesn't seem to be that great of a deal. I have a 6.125 interest rate right now. What happens if in 5 years the rate is higher than that and I should have just stuck with my original rate? Also, I've made probably about 6 late payments within the last 12 months. I'm current now, but I guess I'm disqualified if I've really struggled to make that payment. That doesn't seem to make sense to me. Shouldn't the fact that you have been late in the past year prove that you are having problems? The other thing is that you have to prove hardship through loss of income, but we actually make more now, we've just been struggling through this credit mess.

Overall - I don't think I would qualify for #1, my mortgage isn't through the companies that qualify #2, I've been late quite a few times and #3 I'm thinking that this is more like an adjustable rate mortgage that will go up in 5 years. Do I have all of this right?

iVillage Member
Registered: 03-17-2003
Thu, 03-26-2009 - 3:23pm
The only place to get reliable information on your loan,