President Obama has enacted a $75 billion home refinance stimulus plan that enables millions of homeowners to get a fixed rate 2% mortgage. It is easy for a homeowner to save hundreds of dollars every month by using the “Making Home Affordable” plan for themselves. Here is who is qualified to use this program:

-Homeowners who have been able to make 12 months’ worth of home loan payments on time and in full, they can get a home loan modification or refinancing into a new Government back 2% fixed rate mortgage. Homeowners with late payments can get help as long as the payments were no longer than 30 days late.

-Due to the bad housing market and economy, many people have seen the value of their home drop. Now, homeowners who have seen the value of their property or home drop by 25% or more can get help with a mortgage modification or refinance.

-Millions of homeowners have lost a job, have a reduced income, or are facing other financial hardships. This is acceptable to have, and still get approved for a 2% mortgage refinance or modification. Homeowners should write a letter stating their financial hardships, and include it with their applications. This letter will make it easier to get approved for mortgage help with Obamas stimulus plan.

-Homeowners with a Fannie Mae or Freddie Mac mortgage can automatically qualify for a mortgage modification with a 2% fixed interest rate from Obamas plan.

Millions of homeowners will save hundreds of dollars every single month with this Obama plan. Never before has refinancing and getting approved been this easy. Refinancing and mortgage modification will save people money.

-M Petrone

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