Homeowners with a mortgage which is financed by either Freddie Mac or Fannie Mae are in luck. Fortunately, President Obamas mortgage stimulus program will allow a homeowner the opportunity to refinance or modify their home loan into a fixed rate 2% mortgage. Here we explain how this program functions, and how you can take advantage.

To successfully use this stimulus program and refinance or modify your home mortgage with Freddie Mac or Fannie Mae, you must satisfy these eligibility prerequisites.

-Home loans and mortgages which are backed by either Freddie Mac or Fannie Mae, are suitable to get a 2% secured rate through mortgage refinancing or home loan modification. This will happen due to Obamas housing stimulus bailout plan. Home loans which are modified through Fannie or Freddie will not have a monthly payment that exceeds 31% of a homeowners gross monthly income.

-All over the country, homeowners have seen their home values sink a lot due to the poor housing market, and the troubled economy. These same homeowners are at present able to use Obamas stimulus plan to acquire a 2% fixed rate home loan through refinancing or home loan modification.

-Homeowners who have recently filed for a bankruptcy can not use Obamas plan. Even if you have a home loan backed by Freddie Mac or Fannie Mae. There are alternative methods that will save you money on your home loan though, some of these choices will meet your needs.

-A lot of homeowners now have a mortgage that is more valued than their houses market value. Today applying this plan, a homeowner can refinance or get a mortgage adjustment even if they owe up to 5% more on the mortgage than the houses actual market rate.

-M Petrone

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