Homeowners with a mortgage which is financed by either Freddie Mac or Fannie Mae are in luck. Now, with President Obamas “Making Home Affordable” 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. This is how the program works, and what you must to do to use it.

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

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

-Homeowners all across the nation have seen the prices of their houses dip dramatically as a primary result of the troubled economy, and the even worse home marketplace. At Present, these homeowners are able to ensure a fixated 2% interest rate when their home loan is modified or refinanced through Obamas plan.

-Homeowners who have recently filed for a bankruptcy are not suitable to use this plan from Obama. Even if you hold a home loan backed by Freddie Mac or Fannie Mae. There are secondary ways which will save you money on your mortgage though, some of these options will meet your needs.

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

Today, homeowners searching for a mortgage modification or refinancing will have an better time than ever being approved. The savings that can simply be had through calling your lender and asking are unbelievable. Homeowners are saving hundreds of dollars every single month by reducing their interest rates, or modifying the terms and conditions of their home loans. This stimulus plan from Obama will restore home values, end foreclosures, and help the overall economy get on the track to recovery.

-M Petrone

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