Homeowners with a mortgage which is supported by either Freddie Mac or Fannie Mae are in luck. Now, with President Obamas “Making Home Affordable” 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 program functions, and how you can capitalize.

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

-Home loans and mortgages that are backed by either Freddie Mac or Fannie Mae, are suitable to get a 2% stable rate through mortgage refinancing or home loan modification. This will occur due to Obamas mortgage stimulus bailout package. Home loans which are modified through Fannie or Freddie will not have a monthly payment that exceeds 31% of a homeowners gross monthly income.

-All over the USA, homeowners have witnessed their home values sink a lot due to the bad housing market, and the distressed economy. These same homeowners are immediately fit to use Obamas stimulus plan to obtain a 2% fixed rate home loan by refinancing or mortgage modification.

-Homeowners who have recently filed for a bankruptcy can not use Obamas plan. Even if you have a mortgage backed by Freddie Mac or Fannie Mae. There are alternate methods that will save you money on your mortgage though, some of these choices will meet your needs.

-Lots of homeowners nowadays have a mortgage that is more worthy than their houses market place value. Today utilizing this program, a homeowner can refinance or get a home loan modification even if they owe up to 5% more on the loan than the houses actual marketplace value.

-M Petrone

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