If you own a Home and have a mortgage through Fannie Mae or Freddie Mac, you are lucky.Now, with President Obamas mortgage bailout plan, a homeowner with a mortgage backed by either of these huge companies can get a fixed 2% interest rate when they refinance or modify their home loan. Here we explain how this plan functions, and how you can take advantage.

To successfully use this stimulus program and refinance or modify your home mortgage with Freddie Mac or Fannie Mae, you must satisfy these eligibility prerequisites.

-Mortgages and home loans which are backed by either Fannie Mae or Freddie Mac are now suitable to get a 2% refinancing or loan adjustment. This is possible due to Obamas housing stimulus plan. Mortgages changed through Fannie or Freddie will be brought down to a monthly payment that does not exceed 31% of the homeowners gross monthly income.

-All over the states, homeowners have seen their home values sink a lot due to the bad housing market, and the hurting economy. These same homeowners are immediately able to use Obamas stimulus plan to get a 2% fixed rate home loan through refinancing or home loan modification.

-Homeowners who have recently filed for a bankruptcy are not suitable to use this plan from Obama. Even if you have a mortgage supported by Freddie Mac or Fannie Mae. There are substitute methods that will save you money on your home loan though, and they will most likely fit your needs.

-A lot of homeowners currently have a mortgage that is more worthy than their houses market value. Now using this program, a homeowner can refinance or get a mortgage modification even if they owe up to 5% more on the loan than the houses actual market value.

Homeowners looking to refinance or modify their home loans will have a much bigger chance of getting approved. This program form Obama can easily save a homeowner hundreds of dollars per year, and is super easy to get.

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