Mortgages from Fannie Mae or Freddie Mac are eligible to benefit from President Obamas “Making Home Affordable” plan. This is a Government sponsored program which will let homeowners with Fannie or Freddie get an affordable monthly mortgage payment.

Fannie Mae and Freddie Mac mortgage holders can automatically, regardless of finances, get a modification. This is because the stimulus plan from Obama allows it. Now, homeowners can easily save their home, or a whole lot of money. Never before has a program been in effect that can help so many homeowners. Between low interest rates and this new Government program, homeowners can get the assistance they need.

Now, home loans with Fannie or Freddie can be reduced to 2% interest rates, extended in length, or have the terms and conditions changed. All of these things will assist a homeowner in getting a lower payment, which is the ultimate goal. Under this new plan, a home loan will not exceed 31% of a homeowners income. While many homeowners pay less than that, a lot pay more. A savings of 10% - 20% on a mortgage would easily add up.

Homeowners should use this plan if they have a mortgage from Fannie or Freddie. Getting approved for mortgage refinancing, usually the hardest part, is now assured for millions of homeowners. Many homes have been, and will be, saved as a direct result of this stimulus plan from Obama. Do yourself, your family, and your finances a favor and take advantage of this plan for yourself. The money you can save will make your life easier, and possibly save your home.

-M Petrone

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