Homeowners with a mortgage from Fannie Mae or Freddie Mac can now easily get a better, more affordable mortgage through new refinancing and home loan modification options. These new options are all because of President Obamas “Making Home Affordable” plan. This plan will help millions of homeowners who are at risk of losing their home. Here is how it works:

Right now, over $75 billion in money is available for homeowners to help them get approved for refinancing or modification. Also, as a result of this plan, all homeowners with a mortgage from either Freddie Mac or Fannie Mae are automatically eligible for a home loan modification. The Fannie or Freddie modification plan will get a homeowner into a monthly payment which is less than or equal to 31% of their gross monthly income. This will be a major savings for many struggling homeowners, and could be what they need to save a lot of money, or their home from being lost.

Fannie Mae and Freddie Mac are fully capable of offering amazing new options to homeowners looking to refinance or get a mortgage modification. With this stimulus plan, all types of homeowners can get help. Here are some situations which would have been hard for a homeowner to get help with, but are now easier to get approved for using this stimulus plan:

-Homeowners who owe more than their house is actually worth on the market.

-Homeowners who are facing financial problems, bad mortgages, or other debts which they can not control.

-Homeowners who have bad credit, or a bad mortgage payment history.

In the past, these homeowners would have an extremely hard time getting approved for a truly beneficial mortgage refinancing or modification. Now though, especially for mortgages from Fannie Mae or Freddie Mac, homeowners can easily get the help they need.

-M Petrone

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