Homeowners with bad credit, no job, no home equity, and other financial problems can now get a mortgage refinancing with 2% interest rates thanks to President Obamas housing stimulus plan. This $75 billion plan allows nearly any homeowner to get a mortgage refinance that will save their home and save them money. Here is what homeowners should know about Obamas housing stimulus plan and how it can help millions of struggling homeowners.

This stimulus plan was designed so that struggling homeowners could easily take advantage of it and get a mortgage refinancing approval. The goal of this stimulus plan is to help stabilize the housing market and over all economy by preventing millions of homes from being lost to foreclosure or default. This stimulus plan provides cash incentives to mortgage lenders and banks who follow its rules and approve struggling homeowners for mortgage refinancing. This has allowed many lenders and banks to ease their refinancing restrictions and approve more struggling homeowners than ever before. Now, homeowners who have been denied in the past, have no job, have no home equity, or who are facing financial problems can easily get a mortgage refinancing approval and save a lot of money.

Over $75 billion is being used to fund this housing stimulus plan and it is being used in two main ways. The majority of the money is going to be given to mortgage lenders and banks for every homeowner they approve for a mortgage refinancing that follows the stimulus plans rules. These cash incentives allow the lenders and banks to take on more risk and help more people. The other thing that this money is being used for is to keep mortgage interest rates low. Using this stimulus plan, homeowners can get a 2% interest rate for their mortgage, which would save them a lot of money.

Homeowners are encouraged to take advantage of this stimulus plan for themselves. Is is easy to take advantage of this program and get into a better mortgage by refinancing. Homeowners should take action now and contact a bank or mortgage lender to see what home loan refinancing options exist because of Obamas housing stimulus plan.

-M Petrone

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