Homeowners with a mortgage from Fannie Mae or Freddie Mac can now get a mortgage modification that will save them a lot of money. This is all possible because of President Obamas stimulus called the “Making Home Affordable” plan. This stimulus allows every homeowner with a Fannie or Freddie mortgage to save money and benefit from a mortgage modification. Here is how it works and what homeowners need to know.

Backed by over $75 billion in funding, this stimulus plan specifically calls for Fannie Mae and Freddie Mac to approve homeowners for mortgage modification. Now, according to Obamas plan, homeowners will receive some amazing benefits when they modify their home loan with Fannie or Freddie. Here are some of the biggest benefits:

-Guaranteed mortgage modification approval for all homeowners with a mortgage from Fannie Mae or Freddie Mac.

-Monthly home loan payments that will not be more than 31% of a homeowners gross monthly income.

-Mortgage interest rates can be lowered to as low as 2% to help lower the amount due every month.

-Home loans can be extended in length to lower the payments.

-There are no closing costs or fees for a home loan modification with Obamas stimulus.

-Homeowners who owe up to 25% more than their home is actually worth can easily get themselves into a better home loan through this program.

-The ability to get out of an adjusted rate mortgage and into a fixed rate home loan.

This stimulus program from President Obama is designed to help millions of struggling people avoid losing their home and save money. Fannie Mae and Freddie Mac are two of the biggest lenders in the country and millions of people will be able to benefit from getting a mortgage modification with them. Contact them today and see what benefits are waiting for you when you use Obamas stimulus program for yourself.

-M Petrone
http://www.RefinancingCondo.com

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