Since he became US President, Barack Obama has made the issue of housing one of his top priorities. He implemented the new home stimulus package that will help the housing industry with it’s first time home buyers stimulus and home affordable plan. It helps lower income Americans to purchase new homes or to pay for repairs and improvements to their current homes.
Everyone is aware that these are troubled financial times, and that an ever increasing amount of people are losing their jobs and facing mortgage foreclosures, and that is why a home stimulus package such as this is so important. The latest improvements to the affordable home plan packages makes them even more beneficial to US citizens that ever before. One example of these new beneficial changes is one made during the amendment to the home stimulus package last August, which meant even those with an equity of less than 20% percent can now take advantage of the package. The result? Even more Americans now being able to benefit.
Secondly, the interest rate for paying back home loans has been lowered from 6.5 percent to 5.16 percent. This was done so it will be easier for people to pay off their debts. The loan period has likewise been increased to twenty to thirty years in order to give people more time to pay off their debts. Furthermore, payments need now be no more than 31% of your monthly income, which means that you can totally cover the other needs of your family before allocating money towards these debt repayments.
To put these changes into real life perspective, I’ll tell you about a friend of mine; he had wanted to purchase a new home for the past 6 months but was unable to do so, even with the former home stimulus package in place, because he had an equity of only 19%. Also, he was aware that even if he had had the necessary amount of equity, he would have had hard time repaying the loan due to the interest rate being beyond his means. However, with these latest changes to the home stimulus package he has now finally been able to buy the house he has dreamt so long about. For him, these changes really have been a blessing, and he is most thankful to President Barack Obama.
This is only the tip of the iceberg when it comes to the advantages and benefits this home stimulus package can give us. But, the bottom line is this: You too can now afford to buy your new home or do repairs on your current home as a result of this home affordable plan. So long as your income is lower than $95,000 (single) or $170,000 (married), then you have no reason to not at least research a little more into the great opportunity that is the first time home buyer stimulus tax credit. You have a lot to gain by giving further consideration to taking the government up on this offer, and nothing to lose.
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By Mark Walters.Article Source:http://www.articlesbase.com/real-estate-articles/why-i-love-the-latest-home-stimulus-package-1488211.html
