Homeowners with a home loan which is financed by either Freddie Mac or Fannie Mae are in luck. Now, with President Obamas mortgage bailout plan, a homeowner with a mortgage backed 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 plan and get a mortgage refinancing or modification with Freddie Mac or Fannie Mae, you must satisfy these eligibility requirements.

-Mortgages and home loans which are supported by either Fannie Mae or Freddie Mac are at present suitable to get a 2% refinancing or loan adjustment. This will occur due to Obamas home stimulus bailout package. Home mortgages which are modified through Fannie or Freddie will not have a monthly payment that goes past 31% of a homeowners gross monthly income.

-Homeowners all across the nation have seen the values of their homes dip dramatically as a primary result of the distressed economy, and the even worse housing marketplace. Now, these homeowners are capable to secure a fixed 2% interest rate when their home loan is modified or refinanced by using Obamas program.

-If you are a homeowner who has recently filed for bankruptcy, you can not use the mortgage bailout plan from President Barack Obama. Regardless if your mortgage is supported by Freddie Mac or Fannie Mae, you will not be able to take advantage of this program for yourself. However, their are other alternative ways which will let you a opportunity to save your home, and can match your fiscal .

-Lots of individuals possess a house that is still worth much less than the home loans remaining amount. Through this plan, a homeowner can instantly get approved for a refinancing even if they owe up to 5% more on the mortgage than the homes value.

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

-M Petrone

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