Housing is one of the issues US President Barack Obama has been tackling since he entered the presidency.
He has spearheaded and implemented many a home stimulus package that will help Americans belonging to the lower class of society in purchasing new homes or paying for repairs and improvements for their current homes.
With more and more people losing their jobs and becoming homeless due to the ongoing global economic crisis.
Stimulus packages like these are important in providing hundreds of thousands of Americans with homes to live in during these troubled times.
Also, the president continues to make amendments to previously approved packages.
These improvements are designed to make the packages even more beneficial to those who make use of these.
For example, just this August an amendment was made to the stimulus package.
There were numerous changes made.
For example, you can now benefit from the plan even if your equity is lower than twenty percent, so more Americans can now benefit from the package.
Secondly, the interest rate for paying back home loans has been lowered from 6.
5 percent to 5.
16 percent.
This was done so it will be easier for people to pay off their debts.
The loan period has likewise been increased to twenty to thirty years in order to give people more time to pay off their debts.
Not only will more people be able to make use of the package, they will also be able to benefit more from it as well.
I have a friend who has wanted to buy a new home for the past few months.
He tried to apply for the stimulus package, but was rejected because he only had an equity of 19 percent.
Also, he said he would have a difficult time paying for the loan because of the high interest rate.
But the changes made to the package have now allowed him to apply for the loan.
My family and I just attended the blessing of his new home last weekend.
This package implemented by President Barak Obama is indeed a blessing.
He has spearheaded and implemented many a home stimulus package that will help Americans belonging to the lower class of society in purchasing new homes or paying for repairs and improvements for their current homes.
With more and more people losing their jobs and becoming homeless due to the ongoing global economic crisis.
Stimulus packages like these are important in providing hundreds of thousands of Americans with homes to live in during these troubled times.
Also, the president continues to make amendments to previously approved packages.
These improvements are designed to make the packages even more beneficial to those who make use of these.
For example, just this August an amendment was made to the stimulus package.
There were numerous changes made.
For example, you can now benefit from the plan even if your equity is lower than twenty percent, so more Americans can now benefit from the package.
Secondly, the interest rate for paying back home loans has been lowered from 6.
5 percent to 5.
16 percent.
This was done so it will be easier for people to pay off their debts.
The loan period has likewise been increased to twenty to thirty years in order to give people more time to pay off their debts.
Not only will more people be able to make use of the package, they will also be able to benefit more from it as well.
I have a friend who has wanted to buy a new home for the past few months.
He tried to apply for the stimulus package, but was rejected because he only had an equity of 19 percent.
Also, he said he would have a difficult time paying for the loan because of the high interest rate.
But the changes made to the package have now allowed him to apply for the loan.
My family and I just attended the blessing of his new home last weekend.
This package implemented by President Barak Obama is indeed a blessing.
SHARE
