If you possess a Home and have a home loan with either Fannie Mae or Freddie Mac, you are in luck. Fortunately, President Obamas mortgage bailout program will provide a homeowner the prospect to refinance or modify their home loan into a fixed rate 2% mortgage. Here we explain how this program works, and how you can take advantage.

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

-Mortgages and home loans which are supported by either Fannie Mae or Freddie Mac are immediately suitable to get a 2% refinancing or loan adjustment. This is possible due to Obamas home stimulus plan. Mortgages modified through Fannie or Freddie will be taken down to a monthly payment that does not exceed 31% of the homeowners gross monthly income.

-Homeowners everywhere across the nation have seen the values of their houses drop dramatically as a absolute result of the struggling economy, and the even worse home market. At Present, these homeowners are able to ensure a fixed 2% interest rate when their home loan is modified or refinanced through Obamas program.

-If you are a homeowner who has recently filed for bankruptcy, you are not able to use the stimulus plan from President Barack Obama. Regardless if your mortgage is backed by Freddie Mac or Fannie Mae, you will not be able to take advantage of this plan for yourself. Yet, their are new substitute ways which will let you a opportunity to save your home, and can meet your financial demands.

-A Good Deal of homeowners now have a mortgage that is more worthy than their houses market value. Today using this program, a homeowner can refinance or get a home loan modification even if they owe up to 5% more on the loan than the houses real market rate.

Homeowners looking to refinance or modify their home loans will have a much bigger chance of getting approved. This plan form Obama can easily save a homeowner hundreds of bucks per year, and is super easy to get.

-M Petrone

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