Homeowners with a home loan which is financed 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 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 requirements.

-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 possible due to Obamas home 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 country have seen the prices of their houses dip dramatically as a direct result of the suffering economy, and the even worse home marketplace. Now, these homeowners are able to ensure a fixated 2% interest rate when their home loan is modified or refinanced by using Obamas plan.

-Homeowners who have recently filed for a bankruptcy can not use Obamas plan. Even if you possess a mortgage supported by Freddie Mac or Fannie Mae. There are alternative ways which will save you money on your mortgage though, and they will most likely fit your needs.

-Lots of homeowners possess a house which is still valued much less than the home loans leftover balance. Through this program, a homeowner can straightaway get approved for a refinancing even if they owe over 5% more on the home loan than the homes value.

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

-M Petrone

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