If you possess a Home and have a mortgage with either Fannie Mae or Freddie Mac, you are lucky. President Obamas mortgage bailout program will allow a homeowner the prospect to refinance or modify their home loan into a fixed rate 2% mortgage. Here we explain how this plan works, and how you can take advantage.

To successfully use this stimulus program and get a mortgage refinancing or modification with Freddie Mac or Fannie Mae, you must satisfy these eligibility prerequisites.

-Mortgages and home loans which are supported by either Fannie Mae or Freddie Mac are now eligible to get a 2% refinancing or loan modification. This will happen due to Obamas home stimulus bailout plan. Home loans which are modified through Fannie or Freddie will not have a monthly payment that goes past 31% of a homeowners gross monthly income.

-All over the USA, homeowners have witnessed their home values drop a lot due to the horrible housing market, and the suffering economy. These same homeowners are immediately fit to use Obamas stimulus plan to receive a 2% fixed rate home loan by refinancing or mortgage modification.

-Homeowners who have recently filed for a bankruptcy can not use this plan from Obama. Even if you have a mortgage supported by Freddie Mac or Fannie Mae. There are alternate ways that will save you money on your home loan though, some of these alternatives will meet your needs.

-A lot of homeowners at present have a mortgage that is more valuable than their houses market place value. Today utilizing this program, a homeowner can refinance or get a home loan modification even if they owe up to 5% more on the mortgage than the houses real market rate.

Now, homeowners looking for a home loan modification or refinancing will have an smoother time than ever being approved. The savings that can simply be had by using contacting your mortgage lender and asking are unbelievable. Homeowners are saving hundreds of dollars every single month by slimming down their interest rates, or varying the terms and conditions of their home loans. This stimulus plan from Obama will reestablish home values, stop foreclosures, and help the overall economy get on the track to recovery.

-M Petrone

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