President Obamas home mortgage refinance stimulus plan, is officially called the “Home Affordability Plan”. This housing stimulus plan will allow homeowners the chance to refinance into a fixed rate 2% home mortgage. An estimated 9 million homeowners qualify for this mortgage refinance stimulus plan and here is how:

-Under this mortgage refinance stimulus plan from Obama, the government will give cash incentives to mortgage lenders and banks who approve refinancing for homeowners who would otherwise not be approved. These cash incentives allow mortgage lenders to approve more refinancing applications, and ease their requirements for a home refinance.

-Homeowners facing any type of financial hardships such as medical bills, loss of job or income, or other things can apply for a mortgage refinance into a new 2% fixed rate home loan.

-If the loan is from, or insured by one of the two mortgage giants, Freddie Mac or Fannie Mae, you will automatically qualify for a home mortgage modification that will result in your monthly mortgage payments not exceeding 31% of your gross monthly income.

-Homeowners looking to use this stimulus plan to refinance a second home, or an investment property will not qualify for this mortgage stimulus plan. In order to qualify, the homeowner must live in they home as a primary residence.

-The typical 20% equity needed to refinance a home is no longer. This helps millions of homeowners who bought their home just a few years ago during the mortgage boom times and have since seen the value of their property drastically fall.

-Both the President Obama and the Federal Reserve would like to set interest rates at 2% for all homeowners, current and potential

-Homeowners who have been hardest hit from this mortgage crisis and have seen the value of their property drop by 15% or more will be given a chance to refinance, using this mortgage stimulus plan, into a fixed rate 2% home mortgage.
Refinancing a home mortgage, especially using this mortgage stimulus plan from Obama, will enable almost 9 million homeowners the chance to refinance their mortgage and save hundreds every month. There is a rush of homeowners applying to refinance as they attempt to take advantage of this plan from Obama. Refinance right and save money, but most importantly maybe your home.

-M Petrone

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