The rules regarding President Obamas mortgage rescue stimulus plan were revealed yesterday. This stimulus plan can help 9 million homeowners refinance their mortgage into a much better loan. The stimulus plan mainly focuses on two different classes of borrowers. With the first group being homeowners who have lost their job, had a pay cut, or are facing mortgage payments that are getting higher. To be able to qualify for the stimulus plan from Obama, you must meet the financial hardship guidelines set by Freddie Mac and Fannie Mae. The second grouping of homeowners consist of people who are looking to refinance their mortgage even though they have lost the equity in their home. This grouping of homeowners will be able to refinance their mortgage even if they owe as much as 105% of the current market value of their home. Usually, prior to this stimulus housing plan, homeowners were able to refinance if they had 20% or more equity in their home. This will help millions get out of high interest, bad term loans, without meeting the strict hardship guidelines.

www.RefinancingCondo.com

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