If you possess a Home and have a mortgage with Fannie Mae or Freddie Mac, you are in luck.Now, with President Obamas “Making Home Affordable” plan, a homeowner with a mortgage supported 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 plan works, and what you need 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 meet these eligibility requirements.

-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 possible due to Obamas housing stimulus plan. Mortgages modified through Fannie or Freddie will be lowered to a monthly payment that does not exceed 31% of the homeowners gross monthly income.

-Homeowners all across the nation have seen the values of their houses dip dramatically as a direct result of the distressed economy, and the even worse home market. Today, these homeowners are capable to get a fixed 2% interest rate when their home loan is modified or refinanced through Obamas plan.

-If you own a home, and have recently filed for bankruptcy, you are not able to use the stimulus plan from Obama. It does not matter if your mortgage is financed by Freddie Mac or Fannie Mae, you will not be able to take advantage of this plan for yourself. Yet, their are new alternate ways which will allow you a opportunity to keep your home, and can meet your financial demands.

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

Homeowners expecting to refinance or modify their mortgage will have a much greater chance of getting approved. This program form Obama can easily save a homeowner hundreds of bucks per year, and is super easy to get.

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