Homeowners everywhere are struggling to make their monthly home loan payments. Many people are actually facing the reality that unless something changes soon, their home will be lost to foreclosure or mortgage default. There is hope though. President Obamas “Making Home Affordable” plan allows millions of homeowners the chance to easily get a mortgage refinancing or modification, regardless of their financial situation.

This program is backed by over $75 billion that has been specifically allocated to reducing mortgage interest rates, and to give homeowners new, affordable, mortgage refinancing options. This means that homeowners facing tough financial problems or bad mortgage situations can now easily get help with refinancing a mortgage. Many benefits are available for millions of homeowners through Obamas stimulus plan. Some of the biggest ones are:

-Monthly home loan payments that are affordable for both the long and short term. According to Obamas stimulus plan, homeowners will not have to pay more than 31% of their gross monthly income towards their monthly home loan.

-2% mortgage interest rates are available for homeowners who are in really bad shape. These rates are so low in order to meet the monthly mortgage payment requirement of 31%. Some people will even get 2% interest rates and have their home loan extended in length.

-Absolutely no closing costs, prepaying of points, or other fees. Homeowners who refinance usually need to pay thousands of dollars in order to do so. Obamas stimulus plan makes refinancing and mortgage modification available at no cost for homeowners who qualify.

There has never been a mortgage stimulus program that has been able to help so many people. Literally millions of homeowners are able to get a mortgage modification or refinancing and their finances will not be held against the. Contact a mortgage lender or bank and see how they can help you refinance a mortgage with Obamas stimulus program.

-M Petrone

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