President Obama has officially enacted his housing stimulus plan that allows millions of homeowners, regardless of their personal financial situation, to get a mortgage refinancing with a fixed 2% interest rate. Here are the 3 simple requirements homeowners must meet to take advantage of President Obamas housing stimulus plan:

-Homeowners must have a mortgage that is either backed, or insured by Freddie Mac or Fannie Mae. These are 2 of the largest mortgage lenders in the country and many homeowners, whether they know it or not, have a mortgage that is ultimately through them. Homeowners can check Fannie Mae or Freddie Macs websites to find out if their mortgage is by either of them.

-Homeowners must have a perfect payment history for at least 12 consecutive months. There can be no missed, or late mortgage payments in this time frame. Homeowners who have missed their payment dates by less than 30 days though will still be eligible because it is not counted as a “Late” payment, more like a delayed one.

-Homeowners must not owe more than 5% of their homes value on their existing mortgage. This means that even homeowners who are a little underwater with their mortgage will be able to get help before their situation gets worse. As long as you owe less than 105% of your homes total value on your existing home loan, you will qualify.

Here are some big things to be aware of if you should happen to qualify for a mortgage refinancing from Obamas housing stimulus plan:

-Homeowners who have a loan to value ratio of more than 80% will not be required to pay or get any type of mortgage insurance. This will save a typical homeowner hundreds of dollars.

-All income and other financial information must be verifiable. Regardless of how the original home loan was obtained, with a stable income loan or without one, all income needs to be verifiable when refinancing with Obamas housing stimulus plan.

-Homeowners do not have to meet minimum credit, or other strict financial requirements to take advantage of this stimulus plan and refinance into a low interest rate mortgage.

Millions of homeowners are now able to save hundreds of dollars per month through refinancing a mortgage with Obamas housing stimulus plan. It has never been easier for a struggling homeowner to get help with their home loan. Homeowners are encouraged to take advantage of this housing stimulus plan for themselves and get help before it is too late and more money, or the home, is lost.

-M Petrone

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