Do you want 2% mortgage rates? Want to refinance a mortgage that is worth more than the home it is for? Need a more affordable monthly mortgage payment to save your home? If you answered yes to any of these questions, than you need to take advantage of this stimulus plan.

President Obama knows that homeowners everywhere are struggling. To help, the “Making Home Affordable” plan was announced. This plan allows all types of homeowners the chance to get an affordable home loan by refinancing or mortgage modification. Homeowners everywhere are eligible to use this plan, regardless of their financial situation.

The qualifications for getting approved are minimal, but there are some huge benefits a homeowner can see:

-Mortgage payments will be reduced to no more than 31% of a homeowners income every month. This means that interest rates can be lowered to 2% or home loan terms can be extended. Many homeowners would save hundreds every month just because of this.

-Homeowners who are facing financial problems like, a bad mortgage, loss of job or wages, hospital bills, and a lot of other things, can use this to help them get approved for refinancing or mortgage modification. A homeowner needs to write a brief but detailed letter stating their problems, their solution, and why saving their home is so important. Include this letter with you application. This plan aims to help struggling homeowners, and this letter will actually improve the chances you get approved.

-Mortgages through either of the lending giants Fannie Mae or Freddie Mac are automatically eligible to get a home loan modification, regardless of the reason it is needed. Homeowners who are not really struggling can still use this part of the plan to save a lot of money.

With so many homeowners facing problems, and foreclosure and mortgage default at all time highs, this plan will help millions. A home is most likely the most expensive thing you will ever own. Make sure you take the right steps to protect it from being lost.

-M Petrone

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