Mortgages backed by either Fannie Mae or Freddie Mac are now eligible for a modification by using President Obamas “Making Home Affordable” plan. Obamas plan will allow a homeowner with a home loan backed or financed by either Fannie Mae or Freddie Mac to get a mortgage modification into a 4% fixed rate loan. Here is what you need to do to take advantage:

Here are some of the requirements and key points to President Obamas housing bailout stimulus plan:

-Home loans which are financed or backed by Fannie Mae or Freddie Mac are now able to be modified into a new lower monthly payment through interest rate reductions. According to Obamas stimulus plan the new home loan amount must not exceed 31% of the homeowners gross monthly income. Currently, there are a lot of homeowners who pay up to 60% or more of their income to their loan payments. A 20% or more savings could easily add up to hundreds of dollars each and every month.

-The housing market is in bad shape and many homes have actually lost some of their value. This plan from Obama would provide relief to homeowners who have seen their property values drop as foreclosures rise, and the economy worsens. Now, these homeowners have a chance to get a refinance or loan modification into a much more affordable 4% fixed rate home mortgage. The savings will save a lot of people from foreclosure, or defaulting on their mortgage.

-The only homeowners who have a mortgage from Fannie Mae or Freddie Mac who will not be allowed to use President Obamas “Making Home Affordable” plan are homeowners who have declared bankruptcy. There are other new Government backed programs and housing grants which can help you.

Mortgage refinancing or modification can be one of the easiest ways a homeowner can save a lot of money every month. Especially now with Obamas stimulus plan in effect, the savings and benefits of refinancing or loan modification have never been better for a homeowner. Take action now to secure your financial future.

-M Petrone

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