In an effort to help alleviate the economical woes facing America today, Barack Obama's administration has created the Obama Home Modification Loan plan. Obama hopes to help millions of American families with their loan and mortgage payments and encourage potential homeowners to buy, in an effort to save the housing industry.

The Obama Home Modification Loan plan is a $75 billion dollar projected to help make owning a house more affordable. Obama has pledged to make home-ownership more affordable for over 8 million Americans. The program will use a combination of subsidies and incentives to pay for it.

There are two parts to the Obama Home Modification big picture loans installment loans with no checking account required plan:

First is the Affordable Refinancing plan, for people who already own their home. It will allow current homeowners to be able refinance their mortgage and make it more affordable. People who have mortgages by Freddie Mac and Fannie Mae will be able to refinance their homes with little to no equity. People who couldn't refinance their mortgage because of lack of equity can now receive up to 10% of their home's market value.

Second is the Affordable Modification plan. This part of the program provides many incentives for mortgage holders to adjust their home big picture loans native american payday loan lenders payments to match about 30% of a borrower's monthly gross income. Some of these incentives will come in the form of tax credits for banks participating in the program. This is designed as damage control for millions of foreclosures around the country.

Some banks are already following through and lowering interest rates and helping people refinance their mortgages. Obama has been stern with the banks, telling them they owe it to the American taxpayers to help them get through the economical crisis. Many people have already applied for help to refinance their loans and mortgages

This plan does not apply to everyone. Only homes that are a primary residence can apply for this plan. This also only applies to mortgages before January 1, 2009. If your first mortgage is equal to 731,000 dollars or more, you may not be able to apply for help. If none of this applies to you and you need help, you should try applying for the Obama Home Modification big picture loans next day bad credit loans plan.