If you own a Home and have a mortgage with either Fannie Mae or Freddie Mac, you are lucky.Fortunately, President Obamas mortgage stimulus plan will provide a homeowner the opportunity to refinance or modify their home loan into a fixed rate 2% mortgage. This is how the program works, and what you must to do to use it.

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

-Mortgages and home loans which are supported by either Fannie Mae or Freddie Mac are instantly suitable to get a 2% refinancing or loan adjustment. This will occur due to Obamas housing stimulus bailout plan. Home mortgages which are modified through Fannie or Freddie will not have a monthly payment that surpasses 31% of a homeowners gross monthly income.

-All over the states, homeowners have seen their home values fall a lot due to the poor housing industry, and the struggling economy. These same homeowners are immediately fit to use Obamas stimulus plan to obtain a 2% fixed rate home loan by refinancing or mortgage modification.

-If you own a home, and have recently filed for bankruptcy, you are not able to use the stimulus plan from President Obama. No Matter if your mortgage is backed by Freddie Mac or Fannie Mae, you will not be able to use this plan for yourself. Still, their are new alternate ways which will let you a opportunity to keep your home, and can suit your fiscal demands.

-Lots of individuals have a house that is still worth much less than the mortgages remaining balance. Through this plan, a homeowner can instantly get approved for a refinancing even if they owe over 5% more on the mortgage than the homes market price.

Now, homeowners searching for a home loan modification or refinancing will have an smoother time than ever getting approval. The savings that can simply be had by using contacting your mortgage lender and asking are unbelievable. Homeowners are saving hundreds of dollars every single month by slimming down their interest rates, or varying the terms and conditions of their mortgages. This stimulus plan from Obama will reestablish house values, halt foreclosures, and assist the general economy get on the track to recovery.

-M Petrone
www.refinancingcondo.com

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