President Barack Obamas “Home Affordability Stimulus Plan” is a mortgage stimulus package that makes 1 out of every 9 existing homeowners eligible for mortgage refinance or modification. This means millions of homeowners can save hundreds of dollars, right now, using these government enacted homeowner stimulus packages.

Some key points to help homeowners from Obamas plan are listed here:
-Homeowners who have seen their property value drop by at least 15% can now refinance. This will help homeowners who have seen their home values drop since the mortgage crisis.
-Mortgages backed or insured by Freddie Mac and Fannie Mae are now all automatically eligible for modification or refinance. Millions of homes are backed by these lending powerhouses regardless of which lender or bank you got your mortgage from.
-The Federal reserves goal is to see fixed interest rates around 4.5% for every homeowner and potential home buyer.
-Prevent foreclosures and mortgage defaults by helping homeowners who have remained current on their mortgage payments for at least 12 months but are struggling financially to stay a float. They will have to sign affidavit that they are facing “Financial Hardships” but will be eligible for a home mortgage refinance or modification.

Everyone knows times are tough and the mortgage crisis just multiplies this problem. By targeting homeowners this stimulus plan will benefit millions instantly and create extra income monthly for a lot of people. Property values will begin to rise again as foreclosures are curbed and homes are again bought and sold without extreme fear or caution. Take advantage and refinance now to save hundreds of dollars on your mortgage.

-M Petrone
www.RefinancingCondo.com

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