President Obama Housing Plan Qualifies More Homebuyers

President Barack Obama's $275 billion federal housing plan is set in place as of March 4, 2009 to bail out up to 9 million American homes that are headed for foreclosure or in default of a mortgage loan.  Here are a few questionable situations about the federal housing plan. 

Home in Active Litigation or Foreclosure

 Bankruptcy or active litigation over a mortgage loan does not necessarily mean that you would not qualify for help with the federal housing plan.Even if the home foreclosure is in uncertain active litigation, the homeowner may still qualify for help from the federal housing plan.

The Federal Housing Plan Timetable

To qualify for the federal housing plan you must not have purchased your home after January 1, 2009.  The federal housing plan is in effect until June of 2012.  Help from the federal housing plan both the modification and refinancing of mortgage loans is available immediately and  became effective March 4, 2009.

Not Sure if You Qualify

Contact your local mortgage lender or mortgage servicer to help with modification and refinancing of homeloans under the federal housing plan.  Local housing counselors are also availabe and can be found at the U.S. Department of Housing and Urban Development's website:

http://tinyurl.com/2gssr3.

What About FHA, VA and USDA Loans

Only loans guaranteed through the Freddie Mac and the Fannie Mae federal lenders qualify for the bailout under the federal housing plan.  Mortgages backed by FHA, VA  and USDA loans are regulated by the Federal Housing Administration, Veterans Administration, the U S. Department of Agriculture and other federal programs.