Right now, homeowners in all kinds of financial situations can refinance or get a home loan modification by using the Governments “Making Home Affordable” plan. Do you want a 2% mortgage interest rate? Want to refinance a mortgage that is worth more than the home? Facing financial hardships, and need a more affordable mortgage? Then this plan is for you.

Millions of homeowners who would have never been approved for mortgage assistance through refinancing or modification are getting the help they need from this plan. Homeowners are saving hundreds of dollars per month, and it is all because of this housing stimulus plan. This plan is $75 billion program aimed at helping homeowners. The money is given as an incentive to lenders and banks who help homeowners needing a cheaper mortgage. With this incentive money, the mortgage lenders and banks are much more likely to approve all types of financially hurting homeowners, who would have been denied before this plan existed.

Here are some of the main things which homeowners can benefit from when using this plan for a mortgage refinancing or modification:

-Homeowners can get a mortgage which is less than 31% of their gross monthly income. This is a major reduction in payments for many homeowners, especially struggling ones in bad mortgages. To accomplish this mortgage rates can be reduced to 2%, the mortgage can be extended, or a combination of both.

-Homeowners with all kinds of financial hardships can get approval. Simply include a letter with your hardships written down, why refinancing is important, and your new planned budget should you get approved. Include this letter with your application and turn it in all at the same time.

-Homeowners with mortgages from Freddie Mac or Fannie Mae can get mortgage modification. This is automatically available to all homeowners with a home loan from one of those two lenders.

-Since a lot of people are in bad mortgages, or have seen their property values drop, this plan offers them help too. Now, homeowners can refinance or get a mortgage modification even if they owe up to 5% more than the homes value.

This plan will absolutely help homeowners. Mortgage refinancing or modification has never been more beneficial for a homeowner, or easier to get.

-M Petrone

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