Get a 2% mortgage by refinancing or through home loan modification with President Obamas stimulus plan. This plan allows millions of homeowners the chance to save hundreds of dollars every month, and using it for yourself is easy. Here is what you should know about the “Making Home Affordable” plan.

Here is who and how to qualify for this plan:

-Homeowners who closed on their mortgage and got their home before January 1st, 2009.

-Only a homeowners main residence will be able to get assistance from this plan. Vacation, second, and rental homes are not allowed to benefit from this mortgage refinancing plan.

-Single unit homes with a mortgage that is less than $729,500 remaining will qualify. If the building is multi unit, the amount goes up.

-Homeowners who pay over 31% of their gross monthly income will receive help from this plan. While this sounds like a lot, the reality is a lot of people pay much more than that, and a reduction by even 10% would be tremendous savings.

-Homeowners with a mortgage from Freddie Mac or Fannie Mae are eligible for a mortgage modification. This modification will be free and automatic. All loan modifications will assist the homeowner in getting an affordable mortgage.

-Even homes which are worth less than the mortgages balance, by as much as 5%, can get help from this stimulus plan President Obama is offering.

Here are some benefits of this plan.

-Mortgage interest rates cab be lowered to as little as 2% to meet what this stimulus plan calls for.

-Mortgage lenders and banks are getting incentive money to help struggling homeowners. This means that a homeowner stands a much better chance of getting a beneficial mortgage refinancing or modification now than ever before. Also, this makes getting approved in the first place easier.

-Homeowners in foreclosure can use this plan to pause, and prevent it. This plan calls for homeowners who are actually in the middle of being foreclosed on the chance to save their home, while saving themselves money at the same time.

-With the loose guidelines and eligibility requirements, millions of homeowners will have little or no hard time at all getting an approval for home loan refinance or modification.

Homeowners, especially struggling ones, should really consider using this plan for themselves.

-M Petrone
www.RefinancingCondo.com

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