Homeowners who are facing foreclosure, mortgage default, or just want to save money on their home loan, need to take advantage of the Obama housing stimulus plan. Do you want lower interest rates? A more affordable mortgage? Need to refinance but your mortgage is worth more than your home? This plan is for you.

This plan is a $75 billion Government funded stimulus plan for struggling homeowners. This means that getting approved for a refinancing or mortgage modification is easier than ever. That is because most of the money will be given to mortgage lenders who approve homeowners using the guidelines of the stimulus. Now, homeowners who would never have a chance at getting approved, are, and saving money, and their homes in the process.

Here are some of the biggest reasons this plan will help homeowners:

-Homeowners can get a refinancing or home loan modification into a mortgage payment which is less than 31% of their gross monthly income.

-Mortgage interest rates can be reduced to as low as 2% to meet the guidelines set by the Obama housing stimulus.

-Homeowners may also have their home loan extended up to 40 years to meet the minimum monthly payment requirements.

-Homes which are worth less than their mortgage, are eligible for refinancing. In the past, this would be impossible to do, now though, with the new stimulus guidelines in effect, this is entirely possible.

-This plan can not be used by homeowners who have declared bankruptcy. Also, this plan can only be used by a homeowner only one time for their primary residence.

With the high number of homeowners facing mortgage default or foreclosure, this plan is here at a perfect time. Millions of homeowners can use this plan for themselves. Never before has getting refinancing or home loan modification been as easy, or beneficial as it is for homeowners right now. This is a great chance to change your financial position, and possibly save your home.

-M Petrone
www.RefinancingCondo.com

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