President Obamas $75 billion Home Mortgage Refinance plan will allow millions of homeowners a chance to refinance their home loan into a fixed rate 4% mortgage. Homeowners can easily save hundreds per month using this "Making Home Affordable" plan. Here is who qualifies:

-A homeowner who has made all of their mortgage payments on time and in full for the past 12 months in a row will be able to refinance or modify their home loan into a Government backed 4% fixed rate. Late payments are acceptable as long as they are not over 30 days late.

-Homeowners everywhere have seen the value of their homes drop as a result of this hurting economy and the struggling housing market. If your homes value has dropped by 15% or more, you can now modify or refinance your home loan. Even if you do not have 20% equity in your home, which a lot of people wont have, you will be able to qualify for the 4% fixed rate home loan.

-A lot of homeowners have had their income reduced, lost their job, or are facing other large debts. A handwritten letter of “Financial Hardship” should be written and signed by you to include with your mortgage modification or refinance application. This letter greatly improves the chances of your loan application being accepted under this “Making Home Affordable” guideline.

-Mortgages either financed or insured by Fannie Mae or Freddie Mac are automatically eligible to qualify for the fixed 4% interest rate home mortgage plan. This will be done through mortgage modification.

Homeowners who take advantage and refinance or modify their home mortgage using this “Making Home Affordable” plan will, in general, save hundreds of dollars every single month in interest payments alone. Mortgage lenders and banks are going to approve a lot of the applications they get too, due to the benefit of getting cash bonuses from the Government. This means that refinancing or loan modification are easier than ever to get approved for, and at their lowest available rates ever. Take advantage now and save big.

-M Petrone
www.RefinancingCondo.com

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