If you possess a Home and have a home loan with either Fannie Mae or Freddie Mac, you 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. Here we explain how this plan works, and how you can capitalize.

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 instantly able to get a 2% refinancing or loan adjustment. This is manageable due to Obamas housing stimulus plan. Mortgages changed through Fannie or Freddie will be taken down to a monthly payment that does not exceed 31% of the homeowners gross monthly income.

-Homeowners everywhere across the nation have seen the prices of their houses drop dramatically as a direct result of the struggling economic system, and the even worse home marketplace. Today, these homeowners are able to get a fixed 2% interest rate when their home loan is modified or refinanced through Obamas plan.

-If you are a homeowner who has recently filed for bankruptcy, you can not use the mortgage bailout plan from Obama. Regardless if your mortgage is financed by Freddie Mac or Fannie Mae, you will not be able to take advantage of this program for yourself. Even So, their are different alternative ways which will let you a opportunity to keep your home, and can meet your financial needs.

-Lots of homeowners possess a house which is still valued much less than the mortgages remaining proportion. Through this program, a homeowner can instantly get approved for a refinancing even if they owe up to 5% more on the mortgage than the homes market price.

Homeowners expecting to refinance or modify their home loans will have a much bigger 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
www.RefinancingCondo.com

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