President Barack Obamas home mortgage refinance plan, also called the “Making Home Affordable” program, is a home loan refinancing stimulus which will allow existing homeowners the chance to refinance their existing home loan into a fixed rate 2% mortgage. Millions of homeowners can refinance now and save. Here are basic eligibility requirements:
1)Your current home mortgage must be backed by either Fannie Mae or Freddie Mac. Look up your mortgage with their websites to find out if your home loan is backed or insured by them.
2)You mortgage payments must have been on time and in full for at least a year. Late fees are ok, but payments missed by 30 days or more are not.
3)The remaining balance of your home loan must not exceed the current market value of your home by more than 5%.
Should you happen to meet these requirements, and an estimated 9 million homeowners do, than here are some key points of this mortgage refinance stimulus plan from Obama:

1)If your were not required to purchase mortgage insurance before refinancing you will not be required to pay it afterwords using this mortgage plan either, including mortgages with an LTV of 80% or more.
2)Refinancing any mortgage will require strict income verification, even if it was not required for the initial home loan.
3)This stimulus refinance plan is not available for use on second mortgages.
Check Freddie Mac and Fannie Mae websites for more information regarding this home mortgage refinance stimulus plan from Obama.

Refinance a home mortgage the right way and see the savings start almost right away, especially if you take advantage if this stimulus plan from Obama. Using this “Making Home Affordable” plan may also help you save your home from foreclosure. Look into refinancing today to save a lot of money.

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