If you are a homeowner who happens to have a mortgage insured or financed by either Fannie Mae or Freddie Mac, which 60% of mortgages are, you can now do a home mortgage modification and get a fixed 4% interest rate. This is possible due to Obamas $75 Billion “Making Home Affordable” housing refinance and modification stimulus plan.

So just who will actually qualify and be approved for a home mortgage refinance or modification at a fixed 4% rate using this Obama stimulus plan? Here are some very basic eligibility guidelines for President Obamas housing bailout package:

-This plan is only for homeowners who live in the home to be refinanced. This “Making Home Affordable” plan does not cover investment or vacation properties. It is intended for single family homes or residences (such as Condos) only and as a way to provide financial relief.

-A homeowner who has recently declared or gone through the process of bankruptcy will, unfortunately, not be eligible to do a home loan modification, or refinance through the use of this mortgage stimulus plan.

-Now, a home mortgage can be modified or refinanced for up to 105% of the homes actual market value. This means that homeowners who have seen their property values decline due to the housing market crisis, and due to getting themselves into bad mortgages, can now have the chance to get out from those bad loans and into new home mortgages with fixed 4% interest rates.

-Again, as previously stated, if a home mortgage is owned, backed, or financed by either of the two lending giants, Freddie Mac or Fannie Mae, that mortgage is automatically qualified for a modification into a fixed 4% rate through the use of this housing stimulus plan from Obama.

-Homeowners taking advantage of this modification plan will obtain mortgage payments that do not exceed 31% of their gross monthly income. A lot of homeowners are paying close to 50% or more of their gross monthly income towards their mortgage.

Thanks to this “Making Home Affordable” plan, refinancing or home loan modification is now easier, and more favorable than ever before to homeowners. The approval rates from mortgage lenders and banks will skyrocket as they are given cash incentives, from the government, to finance and work with homeowners who are having financial troubles. Take advantage of this amazing chance to lower your monthly debts now and get that 4% fixed rate home loan today through President Obamas plan.

-M Petrone
www.RefinancingCondo.com

Subscribe via email

Enter your email address:

Delivered by FeedBurner