Wells Fargo, is one of the few approved mortgage lenders approved to offer the Government mortgage stimulus plan. This plan allows homeowners the chance to get into a more affordable monthly mortgage through refinancing or home loan modification. Wells Fargo is able to offer refinancing and mortgage modification to homeowners who would have never qualified before. Here is how:

Homeowners need to meet a few eligibility requirements to take advantage of this Obama housing stimulus. Here are some of the main ones.

-Homeowners need to have a monthly mortgage payment which exceeds 31% of their monthly gross income. The Obama plan calls for homeowners to get a loan modification, and that it does not exceed 31% of their monthly income. This will be a reduction of 20% or more in home payments for some owners.

-Homeowners with a single family home need to have a remaining balance of less than $729,500 in order to use Obamas home mortgage modification stimulus plan. If the building is a multi unit building which the owner resides in as a main residence, the home loan amount can be bigger.

-Fannie Mae and Freddie Mac financed home loans are automatically eligible for a modification. This is regardless of the mortgage holders financial position or reason for wanting a home loan modification.

-Homeowners who can provide evidence to any “financial hardships” they may be facing should include it and a letter stating why these financial hardships exist, and what your plan is to get out of them. Also, stress how important a home loan modification is to you, and your desire to keep your home.

Homeowners everywhere should see how much potential savings they can get by getting a Wells Fargo mortgage modification. This new housing plan is allowing homeowners with bad credit, low income, and bad home loans, a chance to save their home from foreclosure, mortgage default, or short selling.

Take advantage of this wonderful chance, contact Wells Fargo today.

-M Petrone

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