Need Mortgage Refinance

To be eligible for the loan modification program under Obama’s new stimulus package the criteria included the maximum loan amount for a single unit which was set at $729,750.

Recent information now states that the maximum loan amounts for 2, 3 and 4 unit homes has been set as follows: -

• $934,200 for a 2 unit home
• $1,129,250 for a 3 unit home
• $1,403,400 for a 4 unit home

This latest clarification helps define exactly what level of loan is considered acceptable for people who have more than a single unit property, other criteria remains the same including the need for the mortgagee to be resident in at least one of the units as his home.