If you own a Home and have a home loan with Fannie Mae or Freddie Mac, you are lucky.Now, with President Obamas home stimulus plan, a homeowner with a mortgage supported by either of these huge companies can get a fixed 2% interest rate when they refinance or modify their home loan. This is how the program works, and what you need to do to use it.

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

-Mortgages and home loans which are supported by either Fannie Mae or Freddie Mac are now eligible to get a 2% refinancing or loan modification. This is possible due to Obamas home stimulusplan. Mortgages modified through Fannie or Freddie will be taken down to a monthly payment that does not exceed 31% of the homeowners gross monthly income.

-Homeowners everywhere across the nation have seen the prices of their homes fall dramatically as a direct result of the troubled economy, and the even worse housing marketplace. Today, these homeowners are able to get a fixed 2% interest rate when their home loan is modified or refinanced through Obamas plan.

-If you are a homeowner who has recently filed for bankruptcy, you are not able to use the stimulus plan from President Obama. It does not matter if your mortgage is backed by Freddie Mac or Fannie Mae, you will not be able to use this plan for yourself. Yet, their are different substitute ways which will allow you a chance to save your home, and can match your financial needs.

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

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

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