Homeowners with a mortgage which is backed by either Freddie Mac or Fannie Mae are in luck. Luckily, President Obamas mortgage bailout plan will let a homeowner the opportunity to refinance or modify their home loan into a fixed rate 2% mortgage. Here we explain how this plan works, and how you can take advantage.

To successfully use this stimulus plan and get a mortgage refinancing or modification with Freddie Mac or Fannie Mae, you must satisfy these eligibility requirements.

-Home loans and mortgages which are backed by either Freddie Mac or Fannie Mae, are suitable to get a 2% fixated rate through mortgage refinancing or home loan modification. This is manageable due to Obamas home stimulusplan. Mortgages changed 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 troubled economy. These same homeowners are immediately fit to use Obamas stimulus plan to acquire a 2% fixed rate home loan through refinancing or mortgage modification.

-If you are a homeowner who has recently filed for bankruptcy, you are not able to use the mortgage bailout plan from President Barack Obama. It does not matter if your mortgage is backed by Freddie Mac or Fannie Mae, you will not be able to take advantage of this program for yourself. Still, their are new alternate ways which will allow you a chance to keep your home, and can match your financial .

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

-M Petrone

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