If you own a Home and have a home loan by 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 must to do to use it.

In order to get a home loan refinancing or modification through Fannie Mae or Freddie Mac a homeowner needs to meet these prerequisites to apply Obamas program:

-Home loans and mortgages which are financed by either Freddie Mac or Fannie Mae, are eligible to get a 2% stable rate through mortgage refinancing or home loan modification. This is possible due to Obamas housing bailout plan. Mortgages modified through Fannie or Freddie will be taken down to a monthly payment that does not exceed 31% of the homeowners gross monthly income.

-Homeowners everywhere across the country have seen the values of their houses dip dramatically as a direct result of the suffering economic system, and the even worse home market. Today, these homeowners are capable to secure a fixated 2% interest rate when their home loan is modified or refinanced through Obamas plan.

-If you are a homeowner who has recently filed for bankruptcy, you can not use the mortgage bailout plan from 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 other substitute ways which will let you a chance to save your home, and can fit your financial .

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

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

-M Petrone

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