If your income has slipped and making your mortgage payments has been getting tougher lately, you are not alone. But a little simple math will tell you if you might benefit from the Obama administration’s $75 billion plan to provide more affordable mortgage terms to those who qualify.

Available now to eligible homeowners, the Homeowner Affordability and Stability Plan is designed to assist not just families who are already in foreclosure, but also those families who are struggling to keep up their payments even though, as President Obama said, “they played by the rules.”

The plan has two parts. One provides for low-cost refinancing for mortgage holders who otherwise would not qualify for a new loan because their home has lost value since they purchased it – and the loan must be a conforming loan held by Fannie Mae or Freddie Mac..

The second part offers loan modification – such as a lowered interest rate – for those who are behind on payments or who are at risk of doing so because their mortgage payments amount to more than 31% of their gross monthly income.

In other words, you may be eligible for low cost refinancing if:

-  You owe up to 105% of what your home is currently worth.

You may qualify for loan modification if:

-          You are spending more than 31% of your gross monthly income on mortgage payments.

-          To be eligible, the home must be the owner’s primary residence, although properties with ups to four units will qualify as long as the owner resides in one of them.

Qualifying homeowners have until June 2010 to apply for refinancing, and until December 2012 for loan modification. If you think you may be eligible, or need more information, check with your financial advisor for details, or e-mail me for some more details at  maryanne@maryannesimmons.com

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