Roughly 9 million homeowners can save hundreds of dollars every month on their mortgage payments by taking advantage of President Obamas home mortgage refinance stimulus plan. This government backed plan will let homeowners refinance into a 2% fixed rate home mortgage, which will result in tremendous savings. Here is how:

-Homeowners who have missed a payment or two can now apply for government backed home loan modification at a fixed 2% rate, regardless of credit, under the guidelines of the Obama home stimulus package. Homeowners will be able to avoid foreclosure, save money, and get a hold of their financial situation.

-The amount that is remaining on the home mortgage must not exceed the homes value by more than 5%. Typically a homeowner needed at least 20% to qualify for a refinance or modification. Now, that is not true if you use this home mortgage refinance stimulus plan.

-Homeowners lucky enough to have their home mortgage owned or insured by either Fannie Mae or Freddie Mac are automatically eligible to refinance or modify their home mortgage at a fixed 2% interest rate.

-Using the guidelines set by this “Making Home Affordable Plan” homeowners who qualify for refinancing through Fannie Mae or Freddie Mac will not have to pay more than 31% of their monthly income towards their mortgage payment.

-Both the Federal Reserve and President Obama want interest rates to stay at a low fixed 2% rate for all homeowners.

-Cash incentives will be given to mortgage lenders and banks who approve homeowners under this stimulus plan. This makes the chances of being approved for a refinance better for all homeowners.

-Free mortgage counseling is available from professional HUD agents. These representatives will act on your behalf as a representative when dealing with banks and mortgage lenders.

This plan will help millions of homeowners save a lot of money every single month on their mortgage payments. Homeowners should take advantage of this plan and look into the available refinancing or modification options that they now have thanks to this mortgage stimulus program.

-M Petrone

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