If you are a homeowner who has their mortgage financed, or insured through Fannie Mae or Freddie Mac you can now get a 2% fixed rate home loan through a mortgage modification. This opportunity to save a lot of money is thanks to President Obamas “Making Home Affordable” plan which is a $75 billion package designed to help struggling homeowners save their home. Here is how you can use this plan for yourself:

-Homeowners who have missed a payment, or even multiple payments, for any reason can apply for this plan to refinance or modify their home loan into a fixed 2% interest rate. Odds are, you will be approved for this plan since you have missed some payments, and it is obvious you are struggling financially.

-This housing bailout plan is only for a home in which the owner lives as a primary residence. Investment, vacation, and rental homes are not covered in this housing bailout plan.

-Homeowners are now able to refinance or modify their home loans even if they owe more on the mortgage than their home is actually worth. Your mortgage can be worth up to 5% more than the value of your home and you will still be approved for a home loan refinancing or modification. This helps millions of homeowners who have seen the value of their homes drastically decline as a result of the bad economy, and the worse housing market.

-Any homeowner who has a mortgage backed, financed, or insured by either Fannie Mae or Freddie Mac are now automatically eligible to get a 2% fixed rate home loan modification or refinancing according to the rules and guidelines established by this Obama “Making Home Affordable” plan.

Now, getting a home mortgage refinancing or modification is more in the borrowers favor than ever before, and easier to get too. Ideally, this plan will help stop and prevent foreclosures all over the country. Eventually this will lead to more consumer confidence which in turn leads to higher home prices and the start of a recovering economy. Call a mortgage lender or bank and see if you qualify, odds are, you do.

-M Petrone

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