The Obama housing stimulus is now available for millions of homeowners to take advantage of. This $75 billion mortgage bailout plan will make refinancing and home loan modification easier and more beneficial for homeowners than it has ever been. Here are a few things to know about this plan:

-Mortgages must have a balance of less than $729,500. This amount is higher if the mortgage is for a multi unit building in which the homeowner lives as a primary residence.

-Mortgages which are financed by either Freddie Mac or Fannie Mae are automatically eligible for modification. This offer applies to everyone with a home loan from these companies, regardless of the homeowners financial condition.

-The mortgage which is going to be either modified or refinanced through the Government plan must be for a home in which the mortgage holder lives as a primary residence.

-Cash incentives are being given to mortgage lenders and banks who approve at risk homeowners under the guidelines of Obamas housing stimulus plan. This means that mortgage lenders and banks can approve more homeowners, due to their risks being minimized.

-Homes which have lost 15% or more of their value, can still get a mortgage refinancing or modification. These homeowners would have been mostly out of luck prior to this plan.

Overall, this plan can help an estimated 9 million homeowners save money, or much more importantly, their home from foreclosure or mortgage default. The options for homeowners who would have never been approved before are now plenty. This is an amazing chance for a struggling homeowner to catch up on their finances and get things in order. Take advantage of this Government plan now while you still can.

-M Petrone

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