Homeowners with a mortgage which is backed by either Freddie Mac or Fannie Mae are in luck. Now, with President Obamas mortgage bailout plan, a homeowner with a mortgage backed by either of these huge companies can get a fixed 2% interest rate when they refinance or modify their home loan. Here we explain how this program functions, and how you can capitalize.

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

-Home loans and mortgages which are financed by either Freddie Mac or Fannie Mae, are suitable to get a 2% fixated rate through mortgage refinancing or home loan modification. This is possible due to Obamas housing stimulus plan. Mortgages modified through Fannie or Freddie will be brought down to a monthly payment that does not exceed 31% of the homeowners gross monthly income.

-Homeowners everywhere across the nation have seen the values of their homes sink dramatically as a primary result of the suffering economic system, and the even tougher home marketplace. Today, these homeowners are capable to secure a fixed 2% interest rate when their home loan is modified or refinanced by using Obamas plan.

-Homeowners who have recently filed for a bankruptcy are not suitable to use Obamas plan. Even if you have a home loan backed by Freddie Mac or Fannie Mae. There are alternate ways that will save you money on your mortgage though, and they will most likely fit your needs.

-Lots of homeowners have a home which is still valued much less than the mortgages leftover balance. Through this plan, a homeowner can now get approved for a refinancing even if they owe over 5% more on the mortgage than the homes value.

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

-M Petrone

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