President Obama has enacted a housing stimulus plan that makes over 8 million homeowners eligible to get a mortgage refinancing at a 2% interest rate. Eligibility requirements are easy to meet, and it is easy to apply for. Here are some things homeowners should know when refinancing a mortgage with Obamas housing stimulus plan.

Here are some of the biggest elements to Obamas stimulus plan:

-Help people who have seen the value of their home or property drop by offering them new refinancing options. This will help many people, and entire neighborhoods, that have seen a big drop in home prices.

-The mortgage refinancing process is now much easier to navigate. This will save a lot of people time, energy, and money.

-The Government is using stimulus money to keep mortgage interest rates low for struggling homeowners who want to refinance. The Government would like to see 2% mortgage interest rates for everyone.

-Homeowners who are facing a foreclosure or mortgage default can save their home by refinancing or getting a mortgage modification with the housing stimulus plan.

A bad housing market and economy has been making it hard for millions of homeowners to make their home loan payments every month. This has led to a record amount of foreclosures and defaults. President Obama and his administration knew that homeowners needed to get help, or things would get worse. That is why over $75 billion in funding is being pumped into these housing stimulus programs.

Homeowners should take advantage while this program is still in effect. Contact a mortgage lender or bank and ask how Obamas economic stimulus plan can help you when refinancing a mortgage.

-M Petrone

Subscribe via email

Enter your email address:

Delivered by FeedBurner