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

To successfully use this stimulus program and get a mortgage refinancing or modification with Freddie Mac or Fannie Mae, you must meet 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 will happen due to Obamas housing stimulus bailout plan. Home mortgages which are modified through Fannie or Freddie will not have a monthly payment that surmounts 31% of a homeowners gross monthly income.

-All over the states, homeowners have witnessed their home values fall a lot due to the bad housing marketplace, and the suffering economy. These same homeowners are now able to use Obamas stimulus plan to acquire a 2% fixed rate home loan by refinancing or home loan modification.

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

-A Good Deal of homeowners today have a mortgage that is more valuable than their houses market place value. Now applying this plan, a homeowner can refinance or get a mortgage modification even if they owe up to 5% more on the loan than the homes real marketplace rate.

Now, homeowners looking for a mortgage modification or refinancing will have an easier time than ever being approved. The savings that can simply be had by using calling your lender and asking are unbelievable. Homeowners are saving hundreds of dollars every single month by trimming their interest rates, or varying the terms and conditions of their mortgages. This stimulus plan from Obama will reestablish home values, halt foreclosures, and help the overall economy get on the track to recovery.

-M Petrone
www.RefinancingCondo.com

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