Homeowners with a mortgage from Fannie Mae or Freddie Mac are in luck. That is because of President Obamas mortgage stimulus program. This stimulus will allow a homeowner to easily modify their mortgage into a more affordable monthly payment. This program can be used by millions of homeowners, and is designed to prevent people from losing their home. Here is how this plan works, and some things you should know.

This plan is funded with over $75 billion all to help homeowners. According to the guidelines in the stimulus program, homeowners with a mortgage from Fannie Mae or Freddie Mac are due for some great benefits. Things like 2% interest rates, an easy home loan modification process, and no cost closing are some of the biggest things that will help homeowners. Another part of this plan will limit how much a homeowner has to pay if they have a loan from Fannie or Freddie. This states that a monthly mortgage payment should not exceed 31% of a homeowners gross monthly income. This will include taxes, home fees, and insurance. Many homeowners pay more than that, and will see a good amount of savings by using this stimulus for themselves.

Since Fannie Mae and Freddie Mac are pretty much Government funded anyway, all homeowners with them are able to use this program for themselves. The basic idea behind this program is that if someone can afford it, they will continue to make their home loan payments, and avoid foreclosure or default. Many people have used this plan for their situation, and have seen great results. However, millions more people can still benefit from this program in one way or another.

Contact Freddie Mac or Fannie Mae today and ask how you can get a mortgage modification for yourself. Save money, and your home, take action now.

-M Petrone
http://www.RefinancingCondo.com

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