Homeowner Affordability & Stability Plan

Feb 20, 2009

President Obama announced the Homeowner Affordability and Stability Plan today.

He expects to help between 7 and 9 million homeowners avoid foreclosure through work out solutions and refinancing.

* Only to owner occupied homes

* Single Family 1st lien with unpaid principal balance not the exceed 729,750

* Loans can only be modified under the plan once

* Front end debt to income ration is 31% and backend DTI is 55%

* Borrower required to vertify income via tax returns and pay stubs

* 2nd liens can be extinguish on approved modified loans.


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