Homeowners now have the chance to get a fixed rate 2% mortgage through refinancing or home loan modification. This is possible because of President Obamas housing stimulus plan. This plan helps struggling homeowners get a more affordable mortgage, and save their home from foreclosure or default. Here is some things you need to know to use this plan for yourself:

-Their is over $75 billion in funding to give to mortgage lenders and banks who approve at risk homeowners. This money is needed to minimize the potential risks lenders and banks take on when attempting to help a homeowner. Also, this money will be used to pay any closing costs and fees, as homeowners generally would not be in trouble if they had a few thousands dollars for a mortgage refinancing or loan modification closing.

-Most mortgage lenders and banks terms and conditions for getting approved have been lowered. This is due to the massive amount of homeowners who are struggling now, and Obamas housing stimulus. This means that getting refinancing or mortgage modification is now easier than ever.

-Homeowners who are in a bad mortgage, have a home which is losing value, or for whatever reasons owe more on their home loan than the homes market value, can still get approved for a refinancing or mortgage modification plan. Typically, a homeowners would need 20% equity or the cash equivalent to get approved for refinancing, now though, that has changed. Homeowners can now owe up to 5% more than their homes market value, and still get approved.

Overall, this plan allows millions of homeowners a good chance to save their home, and a lot of money. Homeowners who are facing any type of financial hardships should take action and apply for refinancing or home loan modification now. The longer you wait, the harder it will be to make things better.

-M Petrone

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