Homeowners are finding relief from President Obamas mortgage stimulus program. This program allows mortgage refinancing and modification for nearly all homeowners, regardless of their financial situation. With this plan people can easily lower their monthly payments, save money, and avoid foreclosure. Here are some of the main points of Obamas stimulus program.

This plan is backed by over $75 billion in Government money. The goal is to help struggling homeowners, lower the foreclosure and mortgage default rate, and increase stability in the housing market. This money will be given to mortgage lenders and banks who follow the stimulus guidelines and extend mortgage refinancing and modification offers to homeowners. This money will allow them to take more risk, and approve more homeowners. This makes it easier than ever for people with bad credit or mortgage problems to find the home loan help they need.

Homeowners who use this plan will benefit from reduced interest rates, no closing costs, and easier eligibility requirements for refinancing approval. Homeowners can have interest rates dropped to as low as 2% and their home loan extended in order to lower the monthly mortgage payment. This is because the stimulus plan calls for a homeowners monthly payment to not exceed 31% of their monthly gross income. This will be a major reduction in payments for many people as this payment amount also includes taxes, insurance, and any home or association fees. The ultimate goal is that homeowners keep their homes, avoid foreclosure, and continue to make their home loan payments on time and in full every month.

There has never been a program like this that will help so many homeowners. Getting a mortgage refinancing is easier than ever before and homeowners should take advantage. Do not lose your home to foreclosure or default. Take action now and refinance a mortgage with President Obamas stimulus plan.

-M Petrone

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