Help for homeowners is now available thanks to President Obamas “Home Affordability Plan” which is a government backed mortgage stimulus which will allow millions of current homeowners the opportunity to refinance their existing home mortgage into a new one with a 4.5% fixed rate.

There is no doubt, this mortgage stimulus plan will allow an estimated 9 million homeowners a chance to save money every month. Combine this plan with the record low mortgage interest rates and the savings can quickly add up. Here are some eligibility requirements for Obamas mortgage stimulus plan:

-Homeowners whose property or house value dropped by 15% or more. This means millions of homeowners who have seen this as a result of the mortgage crisis, will be eligible to refinance at a 4.5% rate.

-Homeowners who have remained current on their mortgage payments, and have a mortgage backed by Fannie Mae or Freddie Mac are automatically eligible for a home mortgage modification.

-The home to be refinanced must be lived in as a primary residence by the homeowner. This refinance stimulus plan does not cover second homes or investment properties.

-Homeowners who currently have an ARM (Adjusted Rate Mortgage) will have an easier time refinancing into a more stable fixed rate mortgage.

Overall, this mortgage stimulus plan from President Obama will help millions of homeowners by allowing them to refinance and save a lot of money every month. Add to that the fact that current mortgage rates are at near all time record lows all across the country, and the odds are that refinancing your home mortgage will save you a lot of money. Refinance the right way and save money now.

-M Petrone

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