Homeowners need help, and President Obamas stimulus plan offers that to millions of them. That is because of new mortgage refinancing options that have 2% mortgage rates and other major benefits to them. Here is how the Obama housing stimulus plan can help homeowners save a lot of money, save their home from being lost to a foreclosure or both.

This plan is all possible because of over $75 billion in funding provided for the Obama stimulus plan. With this money, interest rates for mortgages have remained extremely low, and mortgage refinancing options now exist for millions of people that will save them a lot of money. This is because of cash incentives being given to mortgage lenders and banks who participate in Obamas stimulus plan for homeowners. This money will help prevent the lenders and banks from taking a loss if they help a homeowner, and they are still unable to pay. This money also enables them to offer new options to more people making refinancing easier and better.

This stimulus plan is designed to help homeowners get into a monthly mortgage payment they can afford. Also, this plan is designed to help homeowners prevent their home or finances from getting in a bad situation in the future. This means that truly beneficial and mortgage refinancing options now exist for homeowners in all types of situations. Some of the biggest benefits for the typical homeowner who uses this plan can include:

-Fixed rate mortgage refinancing options with interest rates that can be lowered to as low as 2%.

-Mortgage payments, including taxes, insurance, and home association fees, will not be more than 31% of the homeowners gross monthly income.

-Free professional credit counseling and representation from Government HUD offices that will help ensure a homeowners future financial stability.

-No closing costs or other fees that are typically paid when refinancing a home loan. There will not even be points that need to be paid. This stimulus program is absolutely no cost to the homeowner.

-Homeowners can be upside down on their mortgage and still get approval for a mortgage refinance.

Many people are eligible to get a mortgage refinancing with these benefits through use of President Obamas housing stimulus plan. The high rate of foreclosures and mortgage defaults should drop, and entire neighborhoods will benefit from this housing bailout. That what this plan is designed to do, help the housing market, and help the millions of people who are struggling, at risk, or are losing their home.

Mortgage refinancing has never been this easy. Many people can still use this Obama plan for themselves and see huge benefits, save money, and prevent their home from being lost. Do yourself a big favor and contact a lender or bank today and see how you can use this plan for yourself.

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

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