The struggling housing market and economy have led to a record number of foreclosures and personal bankruptcies. Luckily, President Obamas home mortgage refinance stimulus plan will help an estimated 9 million homeowners refinance their home loan into a fixed rate 4.5% mortgage. This will help homeowners save hundreds per month.

Homeowners who have missed a payment or more can apply for mortgage modification using the Obama stimulus package. This will help the homeowner save their home and avoid foreclosure, regardless of their personal financial situation.

Here is some tips and eligibility requirements for Obamas mortgage stimulus package:

-The amount remaining on the mortgage can not exceed the value of the house bye more than 5%. Refinancing a home is still possible with a mortgage that is worth up to 5% more than the market value of the home.

-If the home mortgage is insured by Fannie Mae or Freddie Mac, then you are automatically eligible for a mortgage modification. Using this modification plan from Obamas stimulus means that the monthly mortgage payment must not exceed 31% of the homeowners gross monthly income.

-President Obama as well as the Federal Reserve would both like to see home mortgage interest rates set at a fixed rate of 4.5% for all homeowners and home owners of the future.

-The government will give cash incentives to mortgage lenders and banks who approve refinancing or modification for homeowners who are at risk of losing their home. This means that the typical qualifications needed to refinance a home loan are no longer in place.

-Their are free mortgage counselors available from HUD. These counselors act on your behalf and as your representative when dealing with banks or mortgage lenders. There is no fees for this service using the Obama stimulus plan.

Overall, this home mortgage refinance stimulus plan from President Obama will save millions of homeowners hundreds of dollars per month. More importantly though, this will restore some stability to the housing market and prices will begin to rise again as more confidence in the housing market is built again. Refinancing a home mortgage now, especially using this Obama mortgage plan, will save homeowners thousands of dollars over the life of the loan. Look into it now and save some money, or more importantly, your home.

-M Petrone

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