Millions of homeowners are eligible take advantage of President Obamas mortgage stimulus plan. Here, I have broken down the requirements and substantial benefits this government backed mortgage refinance plan offers, such as options to refinance into a fixed rate 2% home loan.

Here are some of the requirements and huge benefits millions of homeowners can take advantage of using this mortgage stimulus plan:

-Homeowners who are facing foreclosure or any kind of financial hardship such as, medical bills, high debts, school loans, loss of job, reduced income, or numerous other reasons can now, using this mortgage refinance stimulus plan, refinance their home loan into a fixed rate 2% mortgage.

-Millions of homeowners will benefit from the fact that the Federal Reserve, and President Obama would like to keep home mortgage interest rates as low as possible, somewhere around 2%, for all homeowners, and potential home buyers.

-Streamlined refinancing and mortgage modification programs are now in place to help homeowners who are on the verge of losing their home through foreclosure. This will enable homeowners to quickly refinance or modify their existing mortgage, often quickly enough, to save their home.

-If you are a homeowner who has seen the value of their property drop by 15% or more, and millions have due to this mortgage crisis, you will be eligible to refinance your mortgage into a fixed rate 2% home loan. This will prove beneficial to millions of homeowners who purchased their home when times were good, and the housing market was booming. Since those times though, millions of homeowners have seen their values drastically drop due to the chaos in the housing market.

-Another eligibility requirement of this “Home Affordability Plan” from Obama is that the home in question, needs to be the primary residence of the homeowner. That means that refinancing a second home, investment property, or vacation property, using this mortgage stimulus plan, will not be possible.

Your home is probably the most expensive thing you will ever own in your life. You should not allow your home to be lost due to a bad mortgage, or this struggling housing market. Millions of homeowners easily will qualify for a mortgage refinance at a 2% fixed rate by taking advantage of President Obamas mortgage refinance stimulus program. Refinance your home now and save yourself potentially hundreds of dollars every single month, or more importantly, your home.

-M Petrone

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