President Obamas “Making Home Affordable” plan will allow millions of homeowners the chance to get a 4.5% fixed rate home loan through refinancing or mortgage modification. Here is what you need to know:

These are some of the eligibility requirements that a homeowner must meet in order to use President Obamas “Making Home Affordable Plan” for themselves:

-Homes which have decreased by value 15% or more can use this plan. This helps millions of homeowners who have seen the value of their home go down, even though they make their payments regularly and on time. The tough economy and bad housing market have left homeowners feeling helpless as they watch the value of their home drop. Now, these homeowners can use the housing bailout plan from Obama and get a low 4.5% interest rate.

-Homeowners, as a result of financial hardship or the bad economy, may owe more on their mortgage then the homes market value. Now though, a homeowner can get a refinance or mortgage modification, even if they owe up to 5% more than their homes value.

-Mortgages backed, insured, or financed, through Fannie Mae and Freddie Mac are automatically eligible for modification. President Obamas plan calls for this, and they have no choice.

-A homeowner who wishes to use this plan, must live in the home to be refinanced or modified as their primary residence. This plan does not offer assistance for second homes, investment properties, or rental homes.

Taking advantage and getting a 4.5% fixed mortgage through refinancing or mortgage modification is a quick, easy way a homeowner can lower their monthly payments. Millions of homeowners are covered under this housing bailout plan, and should take advantage. Applying and qualifying is easier than ever, and homeowners should take this chance to save a lot of money.

-M Petrone

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