Millions of homeowners all across the country are currently at risk of losing their home to mortgage foreclosure. This is due to the tough economy, a bad housing market, and a lot of homeowners with bad loans which they just can not afford. Well, luckily, President Obamas $75 billion “Making Home Affordable” allows financially struggling homeowners the chance to lock in a fixed rate 2% home loan through refinancing or loan modification. So, here are some of the details of this plan, and how you can qualify.

This amazing chance for homeowners to refinance or modify a home loan is being funded by Obamas “Housing Stimulus Plan” and is being targeted towards homeowners in order to keep their home mortgage payments affordable, and ultimately, keep them in their home. With the rise in the number of foreclosures across the country, housing prices are dropping and playing a big part in preventing the economy from rebounding. Obamas hope is that this plan can curb the tide of foreclosures, and help millions of homeowners at the same time.

Although millions of homeowners will be eligible to take advantage of this plan for themselves, not everyone is able to be approved for this “Housing Stimulus” plan. Only homeowners who are able to meet all of the requirements for eligibility will be able to get a 2% Government backed home mortgage refinancing or modification.

Here is who Qualifies for the Federal Housing Bailout Stimulus Bill:

-The homeowner must live in the home full time. No second or investment homes are eligible for this plan from Obama.

-The amount remaining on the home loan must be less than $729,500

-The home mortgage must have been closed on and finalized prior to January 1st 2009

-Homeowners with monthly mortgage payments that are over 31% of their gross income can use this plan to their advantage.

-The homeowner must be facing some type of financial hardship.

This plan will help millions of homeowners simply by the fact that through the refinancing and loan modification options available are at extremely low interest rates. Savings of hundreds per month seem to be what the average homeowner is receiving through the use of this plan. Take advantage of it for yourself, your finances, and the future of your home.

-M Petrone

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