Who is eligible for the modification of the loan plan for Obama?

In this economic crisis, President Obama to the mortgage loans amendment, also known as Making Affordable Home (MHA) The plan is expected known. The main objective of this plan to help more than 9 million owners of homes and eviction, but only a change of a few percent of households receiving loans decreased in the first quarter of 2009. Ben acted within the amount available through manufacturing Affordable Home (MHA) plans to increase a store to increase assistance "to the families of their own" law. Unable to perform Translation:invalid textThink of this plan. Are you eligible? To learn more about the requirements to modify the mortgage, you might be surprised. Fannie Mae is a loan secured the first criterion for change. Currently, these two organizations for special loans and mortgage refinancing is to change the activities eligible under the plan. You need the principal residence of the home to refinance or modify your home loan in this plan. According to the plan MHA, owners will receive two options and the first option is to refinance the mortgage. Secondly, a mortgage is to change your home. Only those who take advantage of a refinancing details are not yet in arrears guides and I have 105% of the capital of their credit. Furthermore, they may not be eligible for traditional mortgage refinance. Only under the refinancing plan MHA, which are still in progress payments. When you refinance the difficulty of making monthly payments, mortgages, could make state-sponsored plan MHA best for you. The owners, who also fell in the mortgage payments can receive changes to the loan. As long as you own and occupy the house and have monthly payments exceeding 31% of monthly gross income. Unable to perform Translation:invalid textThe change of loan program for borrowers at risk and regulates the conditions of their mortgages to make them more than 32% of their gross salary. This is called the debt-income (DTI) ratio. The first step is for lenders to reduce interest rates to a minimum of 3%, to try to take 39% of the DTI. If the interest rate on land and not the 39% DTI, and other modifications can be made. The creditor may extend the loan for a maximum of 40 years, and can then begin to contain the most important for the loan. After meeting with the DTI 39%, lenders and the Treasury would be for both parties to a dollar for every seat plan dollars to match the frequency to less than 31% DTI for borrowers to obtain.