Homeowners with a home loan which is financed by either Freddie Mac or Fannie Mae are in luck. Fortunately, President Obamas mortgage bailout plan will let a homeowner the chance to refinance or modify their home loan into a fixed rate 2% mortgage. This is how the plan works, and what you need to do to use it.

In order to get a home loan modification or refinancing through Fannie Mae or Freddie Mac a homeowner needs to meet these prerequisites to use Obamas plan:

-Mortgages and home loans which are supported by either Fannie Mae or Freddie Mac are at present suitable to get a 2% refinancing or loan adjustment. This will occur due to Obamas housing stimulus bailout package. Home mortgages which are modified through Fannie or Freddie will not have a monthly payment that goes past 31% of a homeowners gross monthly income.

-All over the country, homeowners have seen their home values sink a lot due to the horrible housing industry, and the suffering economy. These same homeowners are immediately fit to use Obamas stimulus plan to acquire a 2% fixed rate home loan by refinancing or home loan modification.

-If you are a homeowner who has recently declared bankruptcy, you can not use the mortgage bailout plan from Obama. It does not matter if your mortgage is supported by Freddie Mac or Fannie Mae, you will not be able to take advantage of this plan for yourself. Still, their are new alternative ways which will let you a chance to save your home, and can suit your fiscal demands.

-Lots of people have a home that is still valued much less than the home loans leftover proportion. Through this program, a homeowner can now get approved for a refinancing even if they owe up to 5% more on the home loan than the homes value.

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

-M Petrone

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