Great news for millions of homeowners and potential home buyers as President Obama has announced his mortgage stimulus program which will allow everyone a 4.5% fixed rate home mortgage or refinancing option to all.

Some of the key points of Obamas housing stimulus plan are below:

-Help homeowners whose home value has dropped by 15% or more by offering lower monthly payments with more refinancing or modification options. This helps millions who have seen their property values drop.

-Make home mortgage refinancing or modifications easier and more straightforward for all homeowners.

-President Obama and the Federal Reserve would like to see all mortgage interest rates set at a fixed 4.5%

-Help homeowners who live in the home that they need a refinancing on. This home stimulus plan will not help homeowners who do not live in the home as a primary residence.

-Prevent homeowners from foreclosing on their home or defaulting on their mortgage by allowing them a chance to refinance their current mortgage into a fixed rate 4.5% loan.

The tough economic conditions make paying mortgage payments every month harder and harder to do. By allowing homeowners the chance to refinance their mortgage into a 4.5% fixed rate mortgage, millions of homeowners will save hundreds of dollars every month. This money will help pay off other debts and get homeowners into better financial situations. The rush to refinance is on and homeowners should take advantage of this mortgage stimulus plan form Obama.

-M| Petrone

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