2% mortgage interest rates and many other benefits are available to millions of homeowners. The economy is in bad shape right now, and homeowners are struggling. President Obamas housing stimulus plan is designed to help millions of homeowners. Here is how:

-Mortgage refinancing is easier to get for homeowners facing financial problems. Many homeowners have lost their job, lost hours at work, have seen their home lose value, are in a bad mortgage, or owe more than the home is actually worth. Now, these homeowners can easily get help by refinancing or through mortgage modification. Homeowners should include a letter of “Financial Hardship” stating their problems, and what their plan is to reverse them. Include this letter with your application.

-Fannie Mae and Freddie Mac mortgage holders can get a loan modification. All mortgages with these 2 companies are eligible to be modified into a more affordable rate. The new home loan after being modified can not exceed 31% of a homeowners gross monthly income. This will help many homeowners save 15% or more on their home loan every month.

-Now, up to 105% of the homes value can be refinanced. This helps many individuals, and entire neighborhoods, recover from dropping home prices. This means that a homeowner can owe up to 5% more than the homes worth, and still get approved. This would have been hard to do before this housing stimulus plan existed.

An estimated 8 million homeowners an benefit from Obamas mortgage stimulus plan. With so many hurting homeowners, this plan is exactly what is needed. Homeowners everywhere need to evaluate their situation, and see if this plan can be beneficial for them. Odds are, if you are a financially struggling homeowner, you will get the assistance you need to save a lot of money, or your home. Do not let a financial situation get too out of control, get help now.

-M Petrone

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