A lot of homeowners are currently facing foreclosure or struggling to make their monthly mortgage payments. The economic hardships are effecting everyone and luckily President Obamas home affordability refinance plan has been enacted just in time. This plan allows millions of homeowners the chance to refinance their mortgage at a 2% fixed rate.

Their has been a low of questions about who is eligible to take advantage of this refinancing plan from Obama and how it will help. The following information is a good start to help you get on your way.

-Help homeowners who have seen the value of their home or property drop by 15% or more as a result of this housing crisis. This helps millions of homeowners who now have mortgages worth more than the home they have been paying on for years.

-Make refinancing and home loan modification easier for existing homeowners and allow them to get into the Government backed fixed rate 2% interest rate.

-Both President Obama and the Federal Reserve would like to see interest rates set at a fixed rate 2% and will control them to that effect.

-Only homeowners who live in the home as a primary residence are eligible. This home affordability refinance plan is not for second homes or investment properties.

-Help homeowners who are facing or in foreclosure by allowing them a streamlined refinance or modification option that allows them to refinance into a 2% fixed rate home loan and possibly save their house from foreclosure.

Homeowners are hurting all across the country as a result of the financial and housing crisis. Hopefully this home affordability refinance plan from Obama will help stem the downward trends and spark some consumer confidence.

This 2% home refinance plan will save homeowners a lot of money every month, or maybe more importantly, their homes. Taking advantage of this plan could help millions of homeowners get back on their feet.

-M Petrone

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