Homeowners with a mortgage from Fannie Mae or Freddie Mac are in luck. New mortgage modification and refinancing options are now available to all homeowners with a home loan from either Fannie or Freddie. These options exist because of President Obamas stimulus program. Here is how to take advantage and benefit from a mortgage refinancing or modification with either Freddie Mac or Fannie Mae.

These new options are made possible because of $75 billion in funding to help homeowners. This money comes from the Obama administration in an effort to help people get a more affordable home loan payment every month, and avoid losing their home. The stimulus program has a requirement for homeowners and allows everyone with a mortgage from Fannie Mae or Freddie Mac to get a mortgage refinancing or modification.

Homeowners who wish to use this plan with Fannie or Freddie will see numerous benefits. Many people will save money, avoid losing their home, or both. Never before has such a plan been enacted that is capable of helping so many people. Here are some of the biggest ways this stimulus program helps homeowners with Fannie Mae or Freddie Mac:

-This plan allows homeowners with Fannie or Freddie to modify their mortgages even if there are upside down. Now, a homeowner can get approved for a mortgage refinancing and owe up to 25% more than the home is worth on the open market. This is a major change that will help many struggling homeowners.

-To make home loan payments affordable, the stimulus plan has some requirements which Fannie Mae or Freddie Mac must meet. A major one is that a modified mortgage can not exceed 31% of a homeowners gross monthly income. In order to accomplish this, interest rates can be reduced, the home loan can be extended in length, or the terms and conditions of a mortgage can be altered.

-Homeowners who have lost a job, are facing huge debts, have hospital bills, or are experiencing other financial hardships can get help using this stimulus program. Even homeowners who have been denied a mortgage refinancing from Fannie or Freddie in the past will now find it much easier to get help. The stimulus plan from Obama mandates it so it is nearly guaranteed that many homeowners can get approved for a mortgage refinancing or modification.

-Homeowners who use this plan for refinancing or mortgage modification will not need to pay any fees. This means that closing costs, loan origination fees, points, and other costs do not exist. This will save a homeowner thousands of dollars which they probably do not have.

Never before have so many people been able to get help with their home loans. Getting help refinancing a mortgage is easy. Contact Freddie Mae or Freddie Mac and ask how you can benefit from refinancing a mortgage according to Obamas stimulus program.

-M Petrone

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