If you possess a Home and have a mortgage with either Fannie Mae or Freddie Mac, you are in luck.Fortunately, President Obamas mortgage bailout program will allow a homeowner the prospect to refinance or modify their home loan into a fixed rate 2% mortgage. This is how the program works, and what you need to do to use it.

In order to get a mortgage modification or refinancing through Fannie Mae or Freddie Mac a homeowner needs to meet these requirements to use Obamas program:

-Home loans and mortgages that are backed by either Freddie Mac or Fannie Mae, are eligible to get a 2% secured rate through mortgage refinancing or home loan modification. This is manageable due to Obamas housing bailout plan. Mortgages modified through Fannie or Freddie will be lowered to a monthly payment that does not exceed 31% of the homeowners gross monthly income.

-All over the USA, homeowners have witnessed their home values drop a lot due to the poor housing industry, and the hurting economy. These same homeowners are at present fit to use Obamas stimulus plan to get a 2% fixed rate home loan through refinancing or mortgage modification.

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

-Lots of individuals possess a house which is still worth much less than the home loans remaining balance. Through this program, a homeowner can straightaway get approved for a refinancing even if they owe over 5% more on the mortgage than the homes market price.

Nowadays, homeowners searching for a home loan modification or refinancing will have an better time than ever getting approval. The savings that can simply be had by using contacting your lender and asking are unheard of. Homeowners are saving hundreds of dollars every single month by slimming down their interest rates, or altering the terms and conditions of their mortgages. This stimulus plan from Obama will repair house values, end foreclosures, and assist the general-purpose economy get on the track to recovery.

-M Petrone
www.RefinancingCondo.com

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