Homeowners who have a mortgage which is backed or insured through Fannie Mae or Freddie Mac can take advantage of President Obamas “Making Home Affordable” plan and gt a 2% fixed rate home loan. Here is how you can use this plan, and start saving now:

Here are some eligibility requirements that a homeowner must meet in order to use this plan and get a 2% fixed interest rate home loan from Obamas housing stimulus plan:

-Homeowners who have declared bankruptcy will not be eligible to use this plan from President Obama and should look for other alternatives.

-Only a home where the homeowner lives in as a primary residence will be allowed to get a home loan modification or refinance through Obamas plan. Second and investment homes will not be covered.

-With the bad housing market and economy, a low of homeowners owe more on their mortgage than the home is actually worth on the market. Now, using this plan from Obama, a homeowner can refinance their home loan, even if they owe up to 5% more than the homes worth, and still get the 2% interest rate provided through Obamas plan.

-Homeowners who are facing financial hardships should include a letter stating them along with all relevant financial paperwork.

-Homeowners with a home loan that is backed or insured by Fannie Mae or Freddie Mac are automatically eligible to get a 2% home mortgage refinancing or modification through Obamas plan.

Homeowners looking for a loan modification or refinance are in luck. This plan enables millions of people to save money, or even their home from being foreclosed on. All a homeowner needs to do is take control of their financial situation, no matter how bad it seems. It can, and will, only get worse if left unattended to.

-M Petrone

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