There are new bad credit mortgage refinancing options that are available to nearly any homeowner thanks to President Obamas housing stimulus plan. The $75 billion “Making Home Affordable” housing stimulus plan is designed so that nearly any homeowner can get a mortgage refinancing that is no cost, and that has low interest rates. Millions of homeowners are eligible to take advantage of this stimulus plan and get a bad credit mortgage refinancing approval. Here are some things homeowners should know about refinancing a home loan with Obamas stimulus plan.

This stimulus plan was designed so that homeowners with bad credit, or nearly any other financial problems, can get a beneficial mortgage refinancing. Before this stimulus plan existed, homeowners with bad credit would have to get mortgage refinancing from a sub prime lender. Now though, things are different, and people with no job, no home equity, or who have other financial problems can get refinancing approval. This is all possible because of the $75 billion dollars backing up the stimulus plan.

This money is being used to keep home loan interest rates low, and to give to mortgage lenders and banks as cash incentives for helping struggling homeowners. Many major lenders and banks are participating in this stimulus program and following the stimulus plan rules so they can get the cash incentives. This means that lenders and banks are actually looking for struggling homeowners so they can help them.

Millions of homeowners are eligible to take advantage of this stimulus plan and get a mortgage refinancing, even with bad credit. The Obama stimulus plan was actually designed for struggling homeowners so that they can save money, their home from foreclosure, or both. Homeowners should take advantage of the new mortgage refinance options that are available and contact a mortgage lender or bank today. Bad credit mortgage refinancing options exist, homeowners need to take the first step though.

-M Petrone

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