So many homeowners are looking to take advantage of President Obamas “Home Affordability Plan” that I have included some of the main eligibility requirements and main points of this housing stimulus plan.

-Help existing homeowners who do not have the typically required 20% equity in their home required to refinance into a fixed rate 4.5% mortgage. This stimulus plan will give government incentives, sometimes dollar for dollar, to help cover mortgage lender or banks costs for refinancing “risky” borrowers. This will help millions homeowners who may have seen the value of their home plummet as the housing market took a nose dive.

-Allow mortgages that are backed by Fannie Mae or Freddie Mac to be modified into a monthly payment that would not exceed 38% of the homeowners gross monthly income. Millions of homes are backed by these 2 lending giants and odds are yours is too. There is no eligibility requirements to modify a mortgage as long as it is backed by one of these 2 companies.

This plan instantly makes millions of homeowners eligible to refinance or modify their home into a more affordable monthly payment. Ideally, the homeowners would be able to save enough money to pay off other debts and start saving or spending money again and improve their standard of living while at the same time possibly saving their home from foreclosure. Refinancing a home can be a big money saver if it is done the correct way. Contact potential mortgage lenders and get quotes to see how much you can save.

-M Petrone

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